U.S. Treasury Secretary Henry Paulson said on Tuesday the U.S. economy had turned down sharply but declined to label the situation a recession.
Fed policy-makers are expected to make the biggest interest rate cut since 1982, while two major Wall Street firms provided some relief to investors with better-than-expected earnings.
As the credit crunch worsens, the Federal Reserve is becoming more imaginative in its tactics. Wall Street is now betting on a full-point cut in interest rates, to 2%, when the Fed meets Tuesday.
The flagging U.S. economy got more mixed news from its troubled housing sector on Tuesday, while evidence of inflation pressures continued to lurk in the producer pipeline.
European Central Bank Executive Board members stressed on Tuesday the role of the ECB as a guardian of price stability, giving the strong euro only scant mention.
British inflation leapt further above target to a nine-month high in February but the jump was purely due to changes in the way utility bills are calculated, official data showed on Tuesday.
Australia's central bank was still concerned that interest rates might not be high enough to restrain inflation when it hiked rates to a 12-year high earlier this month, minutes of the policy meeting showed on Tuesday.
Lehman shares tumbled more than 20 percent Monday as Wall Street speculated whether or not it's the ailing banking system's next casualty.
The dollar tumbled to a 12-1/2 year low against the Japanese yen on Monday and record levels against the euro and the Swiss franc as emergency liquidity-boosting measures by the Federal Reserve over the weekend failed to ease worries about the U.S. financial sector.
Stocks were lower in early trading Monday as Wall Street digested the fire-sale buyout of an investment banking giant: Bear Stearns. CNBC brought the market pros for their perspective on the fallout.
The U.S. Federal Reserve announced emergency measures to stem a fast-spreading global financial crisis, tapping tools last used in the Great Depression to pour funds into cash-starved Wall Street firms.
Stocks tumbled Friday, after an initial jump, following news that J.P. Morgan Chase and the New York Federal Reserve are jumping in to help Bear Stearns.
Fed Chairman Ben Bernanke is throwing all he’s got at the economy, but it may not be enough to combat both a recession and credit crunch.
European stocks sank sharply lower Friday afternoon as concerns over the financial sector reemerged as JPMorgan said it and the Federal Reserve Bank of New York would give Bear Stearns financing.
The dollar fell below 100 yen for the second straight day and hit a record low against the euro after Bear Stearns said a worsening cash position had forced the Wall Street firm to secure emergency financing.
Cheaper energy and transportation prices helped keep overall consumer prices in check, the Labor Department said, a surprise after a run-up that heightened concerns about inflation.
Euro zone inflation hit a new record high of 3.3 percent in February, the European Union's statistics office said, with soaring oil prices taking their toll despite the cushion of a strong euro.
China's capital spending on assets such as flats and factories eased at the start of the year, providing more evidence of a modest slowdown in the world's fourth-largest economy.
New inflation data is due out Friday. Will the numbers be so hot that they trigger a sell-off?