The main event this week is the Fed meeting on Tuesday and investors will tune in to see if Bernanke & Co. offer any insight on inflation. Plus, more earnings, including Cisco, P&G and AIG.
The US economy, desperately looking to stave off a recession, might find salvation in an unlikely place: volatile oil prices.
A pickup in U.S. growth during the second quarter showed that the economy was resilient and that an emergency stimulus package was working, a senior White House adviser said on Thursday.
An emergency dose of government stimulus helped the U.S. economy grow at a 1.9 percent annual rate in the second quarter, a soft pace but enough to take it off a path perilously close to recession.
The US economy probably grew modestly in the second quarter, but analysts believe Thursday's GDP report will mainly reflect the help from stimulus checks.
A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.
Inflation is a concern in the United States and headwinds to economic growth may be picking up, Minneapolis Fed President Gary Stern said in a newspaper interview published on Monday.
The following is the full text of the Beige Book released by the Federal Reserve on July 23, 2008 and based on information collected on or before July 14, 2008:
The government would help struggling homeowners get new, cheaper loans and be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion as part of legislation that aims to calm the chaotic housing market.
Oilman T. Boone Pickens says he's pushing his alternative energy proposal to Congress not because he wants to make money through his own businesses, but because he knows how to solve the nation's energy problem.
U.S. consumers are going to continue to feel pain until housing prices stabilize, even though global growth remains mostly strong, General Electric Chairman Jeff Immelt said.
To fend off inflation, the Federal Reserve probably will need to boost interest rates "sooner rather than later" even if employment and financial conditions haven't revived, the president of the Federal Reserve Bank of Philadelphia said Tuesday.
Treasury Secretary Henry Paulson said America's housing market could turn a corner and begin recovering within months, but it will take longer to resolve all housing-related problems.
As losses mount at American banks and the pain of the credit crisis spreads from housing and finance to the broader economy, many small companies complain it is increasingly difficult to obtain loans.
The U.S. economy needs months to recover from its slowdown, but the banking system remains sound despite a home mortgage crisis that could cause more problems, Treasury Secretary Henry Paulson said.
The U.S. economy may have avoided a recession but will grow below trend for some time as firms face higher prices for a range of goods that will cut into profits, according to a panel of economists surveyed.
Federal Reserve can not wait until financial and housing markets stabilize before raising interest rates, Minneapolis Fed President Gary Stern said in an interview with Bloomberg on Friday.
The number of U.S. workers filing new claims for jobless benefits rose by a less-than-expected 18,000 last week to 366,000 on a seasonally adjusted basis, a Labor Department report showed on Thursday.
U.S. Federal Reserve policy makers fretted at their most recent meeting that growing inflation risks may require an interest rate hike, but agreed that the outlook for both prices and growth was still too uncertain, minutes of the meeting showed.
Below is the statement released by the Federal Open Market Committee after its June 24-25 meeting on interest rate policy: