Martin Feldstein, head of the National Bureau of Economic Research, told CNBC: "the odds are we will slide into a recession."
The dollar extended declines against the euro and a basket of six major currencies for a second day Tuesday after earnings results from Fannie Mae came in weaker than expected.
Chief executives from around Europe discussed their companies' earnings, opportunities and the challenges they face in 2008 with CNBC Europe Tuesday.
Australia's trade deficit narrowed by more than expected in March as mineral exports rebounded from supply disruptions, while a coming price bonanza could mean a long-awaited return to surpluses is not far away.
Federal Reserve Chairman Ben Bernanke on Monday said conditions in mortgage markets remain strained, posing a threat to the economy, and urged steps be taken to prevent home foreclosure where possible
The U.S. dollar slipped Monday against the euro but edged up against the British pound ahead of European Central Bank and Bank of England meetings later this week.
Soaring food prices may throw millions of Asians back into poverty, undo a decade of gainsand stoke civil unrest, regional leaders said as they urged a boost to agricultural production to meet rising demand
A private measure of Australian inflation hit new highs in April as households paid more for health, fuel and rent, keeping upward pressure on interest rates just a day before a central bank policy meeting.
President Bush sought to assure Americans Saturday that federal checks en route to them as part of a stimulus plan will help spur the ailing economy and pay for soaring gas and food prices.
The dollar climbed to two-month peaks against the yen and a basket of currencies on Friday after a government report showed the U.S. economy shed just 20,000 jobs in April, fewer than economists had expected.
Fresh off its strongest month in nearly a year, the dollar looks set to extend its rally next week on signs the Fed is on hold after seven months of aggressive interest rate cuts.
Bankruptcy filings by U.S. consumers jumped 47.7 percent in April from one year ago as families cope with fallout from the subprime mortgage crisis, the American Bankruptcy Institute said.
Fewer U.S. jobs were lost in April than economists feared and the unemployment rate improved, raising hopes an economic downturn was not gathering steam.
New orders at U.S. factories jumped a much stronger than expected 1.4 percent in March, and durable goods orders for the month rose a revised 0.1 percent, a government report showed.
Australian retail sales rose more than expected in March, sending the local dollar higher, but much of the rise was due to consumers having to pay more for food and was not taken as a revival in consumption.
Investors are anticipating another gloomy reading on U.S. employment on Friday, though market reaction may be somewhat muted.
The dollar rose to fresh five-week highs against the euro Thursday after a survey showed a key U.S. manufacturing index for April came in slightly better than expected.
Europe's central banks should serve as an example to the Federal Reserve of how to manage an economy suffering through stagnation and liquidity issues, Pimco's Bill Gross told CNBC/Europe.
The number of workers applying for jobless benefits surged last week, but personal spending in March was stronger than expected, government data showed.
There are a lot of ways to describe what the Fed did today: it took the rate-cut punch bowl off the dining room table, but didn't pour out the punch. It took a baby-step towards neutral, not a grown-up step. That means it preserved the ability to cut if it needs to.