Standard & Poor's expects the U.S. Federal Reserve to cut interest rates to 3.5 percent in 2008 to deal with the fallout from the housing market, S&P's chief European economist said on Wednesday at a banking conference in London.
China will clamp down on new investment projects to help keep growth in the world's fourth-largest economy on an even keel, the government said on Wednesday.
Groundbreaking for U.S. housing rebounded in October but permits for future building hit a 14-year low, indicating the grim market for home construction will likely continue to worsen.
The painful collapse of the housing market along with the credit crunch will weigh down economic growth in the final three months of this year and cause economic activity to lag in 2008.
Two top Federal Reserve officials on Friday suggested the U.S. economy is unlikely to need lower borrowing costs even as it navigates a possibly rocky stretch in the economy.
Chinese lunchtime television on Friday gave ordinary people a basic tip on how to play the currency markets: sell the dollar!
A top Federal Reserve official said it would take sharper than expected slowdown in growth to change the Fed's monetary policy stance in a Dow Jones interview released on Friday, casting doubt on market expectations for more interest rate cuts.
U.S. industrial production unexpectedly fell in October, logging a 0.5 percent decrease, as output shrank at factories, mines and utilities, a Federal Reserve report on Friday showed.
The Federal Reserve's current policy stance should be just right to help the U.S. economy weather a rough patch in months ahead without triggering inflation, Fed Governor Randall Kroszner said on Friday.