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A surprise drop in U.S. jobs could scare consumers into shutting their wallets during the key holiday shopping season.
International Monetary Fund Managing Director Rodrigo Rato said on Friday he expected a downward revision of IMF world growth estimates for 2007 and 2008 because of global credit turmoil.
Alan Greenspan, once the world's top central banker, said ongoing credit turmoil reminded him of the 1987 and 1998 market crises.
Dallas Federal Reserve President Richard Fisher said on Thursday that there is still a lot of analysis ahead before the next Fed decision on interest rates.
The markets are expecting a rate cut. The Federal Reserve is reluctant to give them one. Add to the mix some surprisingly good economic news. What've you got? A lot of confusion.
Most homeowners probably don't know what it is--or even how to pronounce it. But the London Interbank Offered Rate, or Libor, is having a noticeable impact on adjustable rate mortgages.
Turmoil stemming from subprime mortgage delinquencies could dampen demand for homes and ultimately slow economic growth, Federal Reserve Governor Randall Kroszner said Thursday.
Turbulence buffeting global financial markets risks tipping economies into recession but policy makers must avoid overreacting to it for fear of making the situation worse, St. Louis Federal Reserve Bank President William Poole said on Thursday.
U.S. service sector growth held steady in August, although employment conditions deteriorated to their weakest level in nearly five years, according to a report released Thursday.
A gauge of U.S. labor demand was higher in August but recruitment activity recovered lessthan it typically does in the month, in another sign of a cooling job market, a report said Thursday.
Financial market turbulence leading to tighter mortgage lending standards noticeably hurt housing activity in most Federal Reserve districts in recent weeks, adding uncertainty about the recovery of the downtrodden housing sector, the Fed said on Wednesday.
Pending sales of existing U.S. homes plunged by a record 12.2 percent in July, and private employers hired the fewest workers in more than four years in August, according to reports released Wednesday that point to a weakening U.S. economy.
Applications for U.S. home loans rose last week, while the highest adjustable rate mortgages in over six years put another nail in the coffin of the once-torrid sector, an industry group's data showed on Wednesday.
Richmond Federal Reserve Bank President Jeffrey Lacker said on Tuesday he would back an interest rate cut if the evidence pointed to slowing U.S. economic growth and diminished inflation, but he warned that this outcome was by no means automatic.
Economics is known as an imprecise science and one might need look no further than the business of calling recessions to see that. Unlike the weather, recessions arrive before you know it and depart under the same circumstances.
"It is not the responsibility of the Federal Reserve--nor would it be appropriate--to protect lenders and investors from the consequences of their financial decisions. But developments in financial markets can have broad economic effects felt by many outside the markets, and the Federal Reserve must take those effects into account when determining policy."
The Fed will take the necessary steps to shelter the economy from turmoil in financial markets but will not bail out investors, Chairman Ben Bernanke said.
President Bush outlined reforms on Friday aimed at helping subprime mortgage borrowers. This marks the administration's first public response to the subprime housing crisis since the problem began gathering in February.
Here are the latest video reports from Jackson Hole, Wyo., where Federal Reserve Chairman Ben Bernanke said that the central bank is prepared to act "as needed" to help provide liquidity to the financial system but won't bail out investors who made bad decisions.