NEW YORK— Banks were pummeled Friday after weak economic data raised doubts about the timing of a possible interest rate hike by the Federal reserve. Fed Chair Janet Yellen has said that the job market has almost recovered. Shortly after the jobs report came out, Citi Research analyst Keith Horowitz wrote that he expects JPMorgan Chase's earnings to slip as much...» Read More
Two top Federal Reserve officials on Friday suggested the U.S. economy is unlikely to need lower borrowing costs even as it navigates a possibly rocky stretch in the economy.
Chinese lunchtime television on Friday gave ordinary people a basic tip on how to play the currency markets: sell the dollar!
A top Federal Reserve official said it would take sharper than expected slowdown in growth to change the Fed's monetary policy stance in a Dow Jones interview released on Friday, casting doubt on market expectations for more interest rate cuts.
The mortgage crisis could have a "dramatic" impact on the economy by forcing banks and other financial firms to cut lending up to $2 trillion, a Goldman economist said.
U.S. Treasury Secretary Henry Paulson said on Friday Washington was following a strong dollar policy and indicated he expected it to rebound, emphasising the U.S. economy's long-term strength should help the currency.
U.S. industrial production unexpectedly fell in October, logging a 0.5 percent decrease, as output shrank at factories, mines and utilities, a Federal Reserve report on Friday showed.
The Federal Reserve's current policy stance should be just right to help the U.S. economy weather a rough patch in months ahead without triggering inflation, Fed Governor Randall Kroszner said on Friday.
China's surging food prices reflect international price rises and evolving domestic demand, senior agricultural officials said, denying risks of absolute shortages to feed a nation of over 1.3 billion.
Millions of Americans will drive their cars to visit family and friends over the Thanksgiving holiday, even though gasoline is above $3.00 per gallon, travel and leisure group AAA said Thursday.
The dollar rose against the euro but slipped against the yen Thursday as fears about the credit crunch's impact and falling equity markets led investors to pare back on profitable but extended trades.
US stocks closed an uneasy session lower as investors, uncertain if the worst of the credit crisis is over, refrained from extending Tuesday's huge advance.
U.S. consumer prices rose a brisk 0.3 percent in October, which was in line with expectations and driven by the sharpest rise in energy costs in five months, the government reported on Thursday.
China's industrial production slowed more than expected in October under the weight of government tightening measures, but growth was still by far the strongest of any major economy.
The dollar fell against the euro on Wednesday as continued worries that a struggling U.S. housing sector and lingering credit problems weighed on sentiment and left intact a long-term declining trend.
U.S. retail sales rose a sluggish 0.2 percent in October while an inflation measure grew less than expected, according to government data Wednesday that may give the Federal Reserve more leeway to prop up a slowing economy.
The prepared speech given by Federal Reserve Chairman Ben Bernanke on Federal Reserve communications at the Cato Institute 25th Annual Monetary Conference in Washington, D.C. on November 14, 2007.
Euro zone growth rebounded more strongly than expected in the third quarter thanks to its three biggest economies, data showed, but economists said a looming slowdown would help keep ECB interest rates on hold.
British interest rates will need to fall in the coming months if inflation is to hit the central bank's 2 percent target in two years, the Bank of England signalled on Wednesday.
Federal Reserve Bank of Dallas President Richard Fisher said on Wednesday a decision on interest rates at the central bank's December meeting would depend on coming data, but emphasised that the economic risks were not all on the downside.
Soaring food costs drove up China's inflation in October, reinforcing expectations that the Chinese retail sales jumped 18.1 percent in October from a year earlier, the fastest pace on record, propelled by rising incomes, accelerating inflation and windfall gains from the surging stock market.