Federal Reserve

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Oil, Fed Leave No Grins, Just Bears
 Oil, Fed Leave
 No Grins,
 Just Bears 
MARKETS
May 21, 2008 3:37 PM CDT

Oil, Fed Leave No Grins, Just Bears

Fed minutes confirm expectations of higer inflation, slower growth

(Newser) - Oil prices kept on pummeling the markets today, and minutes from the Fed's most recent meeting confirmed warnings of higher inflation and lower growth—signaling a pause in rate cuts. "The rise in energy products is going to be the knell for consumer spending," one analyst tells the...

Recession Fears Overblown: Economists

Fed's actions key strong economic reports, signs of market recovery

(Newser) - A growing number of economists are saying, cautiously, that the US might have pulled back from the brink of recession, the Wall Street Journal reports. The experts credit swift action by the Federal Reserve to lower interest rates and save Bear Stearns in March, and even the ongoing distribution of...

Treasury Boss: Worst Is Over
 Treasury Boss: Worst Is Over 
May 7, 2008 2:45 AM CDT

Treasury Boss: Worst Is Over

Paulson says US emerging from storm

(Newser) - The US is emerging from the credit woes triggered by the turmoil over subprime mortgages—despite the continuing wave of foreclosures across the nation, according to Treasury Secretary Henry Paulson. Paulson, in the most positive comments yet from the White House on the nation's economic troubles, in part credited the...

US Must Stop Foreclosures, Bernanke Warns

He warns of cascading crisis

(Newser) - Federal Reserve Chairman Ben Bernanke yesterday called for government intervention to halt home foreclosures, warning that to do nothing could "destabilize communities, reduce property values of nearby homes, and lower tax revenues." Bernanke said in a speech in New York that a million Americans were already three months...

Jobs Rally Fizzles; Stocks Mixed
 Jobs Rally Fizzles; Stocks Mixed 
MARKETS
May 2, 2008 3:37 PM CDT

Jobs Rally Fizzles; Stocks Mixed

Cautious market not fully inspired by jobs, Fed action

(Newser) - The markets ended mixed today as a rally spurred by news of fewer April job losses than expected and the Fed's bank-liquidity expansion died down before the closing bell, MarketWatch reports. The Dow rose 48.20, closing at 13,058.20, and the S&P 500 gained 4.56 to...

Stocks Rally; Dow Up Almost 200
 Stocks Rally; Dow Up Almost 200 
MARKETS
May 1, 2008 3:24 PM CDT

Stocks Rally; Dow Up Almost 200

Fed's latest actions draw late but rave reviews

(Newser) - Stocks rallied today on strong performances by several big tech firms, MarketWatch reports. Investors also poured money into financials in anticipation of the dollar boost the Fed will cause by holding interest rates steady after yesterday’s cut. The Dow climbed 189.87 to at 13,010.00, the Nasdaq...

Rate-Cut News Sweeps Away Rally
 Rate-Cut News 
 Sweeps Away Rally 
MARKETS
Apr 30, 2008 3:38 PM CDT

Rate-Cut News Sweeps Away Rally

Stocks end down thanks to nervous investors

(Newser) - News of today's Fed interest-rate cut swept away a market rally, and stocks ended down. Language in the Fed statement indicating that further trims were unlikely spooked investors, the Wall Street Journal reports, though that news was expected. The Dow ended down 11.81 to 12,820.13; the Nasdaq...

Fed Trims Rate to 2%
 Fed Trims Rate to 2% 
UPDATED
Apr 30, 2008 1:31 PM CDT

Fed Trims Rate to 2%

Markets expect cut to be body's last for some time

(Newser) - As expected, the Federal Reserve cut a key US interest rate today, the Wall Street Journal reports, trimming its overnight rate a quarter-point to 2%. Seven consecutive cuts have the rate down from 5.25% in September as the Fed attempts to keep the economy from stalling under credit woes....

Bear Bailout Called 'Worst Mistake in a Generation'

Bear Stearns move 'worst mistake in generation,' he charges

(Newser) - A former top-ranking Fed official has called the central bank's decision to bail out Bear Stearns its "worst mistake in a generation," the Wall Street Journal reports. The official, former chief of monetary policy, compares the hasty move to errors that helped trigger the Great Depression. He accused...

Mortgage Biz Battles Fed Reforms
Mortgage Biz Battles Fed Reforms
Apr 28, 2008 7:05 AM CDT

Mortgage Biz Battles Fed Reforms

Rules would limit credit for worthy borrowers, bankers say

(Newser) - As the Federal Reserve moves toward stricter lending rules, mortgage providers are firing back, calling the rules too broad and arguing that they could limit loans to borrowers who don't have credit problems, the New York Times reports. Regulation, bankers say, could raise the price of mortgages by increasing paperwork...

Dollar Rallies at Last
 Dollar Rallies at Last 
Apr 25, 2008 6:46 AM CDT

Dollar Rallies at Last

Greenback posts biggest advance since March as eurozone sputters

(Newser) - The dollar rose to a three-week high against the euro today and looked set to post its biggest weekly advance since March. The dollar advanced to $1.55 per euro this morning in London, after falling below the $1.60 barrier on Tuesday. The dollar also gained against the yen,...

Fed Ponders Pause in Rate Cuts—After 1 More

Experts expect a last cut to 2% before the central bank stops and waits

(Newser) - The Federal Reserve may be ready to cool its torrid rate-cutting after a likely .25% percentage point cut at its meeting next week, the Wall Street Journal reports. Futures markets are betting Chairman Ben Bernanke is unlikely to rest just yet, with little change in the month-to-month economic picture, but...

Bank of England Launches Mortgage Swap Plan

Central bank would take on $100B in mortgages

(Newser) - Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting  liquidity and confidence in the banking system, follows similar...

Surging Energy Prices Drive Global Inflation

Food costs, up 83% in 3 years, also slap worldwide economies

(Newser) - Inflation in Europe and the US is projected to reach its highest point since 1995, the Wall Street Journal reports, with food prices up 83% in three years and rising energy and transportation costs. The International Monetary Fund predicts the US and Europe will see inflation of 2.6% this...

US Drops 80,000 Jobs, Biggest Loss in 5 Years

Non-farm payrolls fall 80,000 in March, biggest drop in five years

(Newser) - Unemployment surged in March to 5.1%, the worst it’s been since September 2005, reports the Wall Street Journal. The country lost 80,000 non-farm jobs last month after dropping 76,000 jobs in both January and February. The third sharp drop fuels fears that the US has slipped...

Fed, Execs Defend Bear Bailout
Fed, Execs Defend Bear Bailout
Apr 3, 2008 12:10 PM CDT

Fed, Execs Defend Bear Bailout

Collapse would have spread throughout economy, they argue

(Newser) - Bear Stearns was just hours from collapse, and letting it go down would have been disastrous, executives and regulators argued on Capital Hill today while defending the controversial bailout, the New York Times reports. Without the takeover, “we would all be facing a far more dire set of challenges,...

Bernanke: Adjustment Is Mostly Over
Bernanke: Adjustment Is Mostly Over
Apr 2, 2008 10:24 AM CDT

Bernanke: Adjustment Is Mostly Over

But admits economy could contract, possibility of recession

(Newser) - Ben Bernanke for the first time acknowledged the possibility of a US recession, but he also voiced optimism that “much” of the adjustment period was over, the Wall Street Journal reports. His testimony before Congress seemed to suggest an end to aggressive stimulus measures—noting that rates had already...

Congress to Grill Bernanke on Bear Stearns

Questions will likely focus on timing and intensity of Fed's actions in brokering deal

(Newser) - Federal Reserve Chairman Ben Bernanke steps onto a tightrope today for two days of Congressional testimony focusing on the central bank’s starring role in the Bear Stearns bailout. Bernanke likely will be taken to task for not stepping in earlier, and more forcefully, to avert economic chaos, reports the...

Small Banks, States Rip Paulson Plan

Critics deride plan as that of 'a bunch of guys from Wall Street'

(Newser) - Small banks, credit unions, states, and assorted politicians wasted no time ripping into the Bush administration’s plans to rework federal regulation of the financial industry, calling it an amateurish attempt by a “bunch of guys from Wall Street,” reports the Wall Street Journal. “It’s because...

Market 'Fix' Just Feeds the Beast
 Market 'Fix' Just
 Feeds the Beast 
OPINION
Mar 31, 2008 5:08 PM CDT

Market 'Fix' Just Feeds the Beast

Bush denies need for regulations, Krugman writes in NYT

(Newser) - The Treasury plan unveiled today will never rein in free-wheeling markets because it isn't intended to, Paul Krugman writes in the New York Times. President Bush, who for 7 years has slashed at regulations, ignores how well they harness deposit-taking banks. And he denies that "non-depository" banks like Bear...

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