U.S. Treasury Secretary Henry Paulson said on Tuesday he was confident the U.S. and global economies were resilient but welcomed an emergency rate rate cut by the U.S. Federal Reserve as a helpful move.
The Bank of Japan left interest rates unchanged as expected on Tuesday, as fear of a U.S. recession sent stocks tumbling around the world, with the central bank poised to warn of slower growth in an economic review due out in a few hours.
The low-yielding yen rose broadly on Monday, hitting a 2-1/2 year peak versus the dollar and five-month highs against the euro as investors shunned risky trades amid a sell-off in global stocks.
Agreement between the White House and Congress that the stumbling U.S. economy needs help was a big first step but it was clear Saturday there was room for sparring over crafting a rescue package.
Major U.S. indexes have broken key technical support levels, leaving the stock market vulnerable to further declines and the turbulence could get worse, according to chart watchers.
Forget rate cuts and stimulus packages. In Wall Street's eyes, the recession is already here and the credit crunch is far from over.
The dollar gained against the euro and yen Friday as rising equity markets calmed investors, prompting a few to edge back into relatively risky carry trades.
Weaker U.S. growth means that more interest rate cuts are "quite possible" but inflation is also still a risk, Federal Reserve Bank of Richmond President Jeffrey Lacker said Friday.
U.S. consumers' mood brightened a bit in January, defying expectations driven by the constant drumbeat of talk about a possible recession, weak jobs market and falling stock prices.
Wall Street is sending a clear message to Washington: an economic stimulus plan and Fed rate cuts are too little, too late.
The dollar dropped Thursday after Federal Reserve Chairman Ben Bernanke told a congressional committee that more interest rate cuts may be necessary and that the U.S. economic outlook has worsened.
Federal Chairman Bernanke told lawmakers that extending tax cuts put in place during the Bush administration could have a positive long-term effect on the economy.
Most analysts say Fed Chairman Bernanke will move cautiously even if the Fed cuts interest rates by half a percentage point at its Jan. 29-30 meeting, as many now expect.
U.S. home building projects started in December fell by 14.2 percent to the lowest pace inmore than 16 years, but jobless claims fell unexpectedly last week.
A Federal Reserve official and a state secretary warned Thursday the slowdown in the U.S. economy was quickening, because of weak housing prices, falling stock prices and rising energy costs.
Fed Chairman Bernanke has indicated he is open to congressional and White House efforts to develop a rescue package to avert a recession.
The Austrian capital is the city where the old EU meets the new EU. Teeming with international organizations, it's also the city that was the first to foray into Eastern European banking and the destination for tasty pastry.
China's recently introduced price controls are aimed at stabilizing inflationary expectations and will not distort the market economy, planning officials said on Thursday.
Employment in Australia recorded another solid rise in December while the jobless rate fell by more than expected, underlining a domestic case for a rise in interest rates, even as a troubled global outlook argued against one.
Democratic and Republican leaders of the U.S. House agreed to develop a bipartisan economic stimulus plan to help avert a possible recession.