CNBC's Rick Santelli discusses bond prices and yields following the latest two-year note auction.» Read More
Fed Chairman Bernanke told Congress the country's economic outlook has deteriorated and signaled that the central bank is ready to keep lowering rates.
The full text of Federal Reserve Chairman Ben Bernanke's prepared testimony on the state of the U.S. economy and financial markets delivered before the Senate Banking Committee.
Singapore cut its economic growth forecast for 2008 on Thursday after the first quarterly contraction since 2003, citing worries about a U.S. recession, and said inflation would be higher than it thought earlier.
Australia's jobless rate surprised by falling to a 33-year low of 4.1 percent in January, adding to concerns the drum-tight labor market was stoking inflation and cementing the case for an urgent rise in interest rates.
Japan's economy grew 0.9% in the last quarter of 2007, double the expected rate, but a likely slowdown this year meant analysts still saw the Bank of Japan keeping interest rates on hold in 2008, or possibly cutting them.
Fed Chairman Ben Bernanke has yet to win the hearts and minds of many on Wall Street. But a stand-out performance during his appearance before Congress on Valentine’s Day may bring him considerably more admirers.
The dollar rose to a one-month high against the yen Wednesday after government data showed an unexpected rise in U.S. retail sales last month, momentarily dampening views that the U.S. economy is contracting.
Japanese annual wholesale inflation hit a 27-year high of 3 percent in January due to rising oil and other raw material costs, but the Bank of Japan is likely to sit tight on rates in the face of cost-push inflation and slowing global growth.
Federal Reserve Chairman Ben Bernanke told lawmakers Tuesday he expects the downtrodden U.S. housing sector to improve by the end of the year.
The dollar fell against the euro Tuesday but gained on the yen after Warren Buffett said he had offered to assume troubled bond insurers' liabilities, a move that may ease recent credit market turmoil.
The U.S. appears likely to avoid an economic downturn but the chances of a recession have risen, St. Louis Federal Reserve Bank President William Poole said Monday.
The yen rose broadly Monday as investors grew more risk averse, while the euro eked out a small gain against the dollar as the market weighed inflation remarks from monetary policy-makers.
UK factory gate inflation surged to a 16-year high in January, while input price inflation reached an all time high, official data showed on Monday.
Australia's central bank bluntly warned on Monday that it would likely need to raise interest rates again to restrain inflation, even as it trimmed its outlook for economic growth.
The euro recovered a little Friday but was on track for its biggest weekly fall versus the dollar in 1-1/2 years amid growing expectations the European Central Bank will cut interest rates later this year.
In remarks to an audience in Honolulu, Yellen said that an extended spell of slow growth as the most likely outcome, but she later told reporters that a recession was within the range of normal forecasting error.
Japan's core machinery orders fell more than expected in December, suggesting that corporate activity is feeling the pinch from slowing U.S. growth. But manufacturers still forecast that core orders, regarded as a leading indicator of capital spending, would rise in January-March from the previous quarter.
Both the euro and the pound retreated against the U.S. dollar as the Bank of England cut interest rates and the European Central Bank appeared to leave the door open for an eventual reduction.
The U.S. economy showed further signs of slowing, particularly with Thursday's report that the jobless ranks continued to swell last week
Jobless claims fell by 22,000 last week, but the number of workers remaining on jobless aid rose to its highest in more than two years.