Federal Reserve

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Did Fed Freak With Emergency Rate Cut?
Did Fed Freak With Emergency Rate Cut?
OPINION
Jan 23, 2008 10:13 AM CST

Did Fed Freak With Emergency Rate Cut?

Decision smacks of panic—and worse trouble yet to come

(Newser) - Yesterday's steep interest rate cut—just a week ahead of a scheduled policy meeting—made the staid Federal Reserve come across as spooked and jumpy, leaving many to wonder if the Fed knows of worse news to come, Reuters' Ros Krasny writes. The surprise .75-point cut "is a declaration...

Asian Markets Rebound
Asian Markets Rebound
Jan 23, 2008 5:14 AM CST

Asian Markets Rebound

Fed rate cut sees markets stage modest recovery

(Newser) - Asian markets bounced back modestly this morning after two days of precipitous drops. Hong Kong's Hang Seng index jumped 10.72%, Japan's Nikkei average rose 2%, and the Topix index was up 2.5%. Sydney's index closed 4.4% higher, breaking a 12-day downturn, and India's Sensitive index saw its...

Stocks Plunge, Battle Back
Stocks Plunge, Battle Back
MARKETS
Jan 22, 2008 3:38 PM CST

Stocks Plunge, Battle Back

Markets decline, but emergency rate cut moderates effect

(Newser) - Stocks declined today but ended the session up from the depths of their initial plunge, as the Fed's emergency rate cut seemed to calm freaked-out investors. "This at least gets people from piling in on the short side of things," one strategist told MarketWatch. The Dow fell 128....

Asian Stocks Continue Plunge
Asian Stocks Continue Plunge
UPDATED
Jan 22, 2008 3:25 AM CST

Asian Stocks Continue Plunge

Stocks tumble for second straight day

(Newser) - Jitters over the US economy led to a major sell-off in Asian markets for the second straight day, with Australia's benchmark index closing down 7.1%—the biggest single-day loss in nearly 20 years. India's Sensex index skidded 10%, triggering a shutdown, but rallied to close down 4.6%. Japan's...

Bernanke Backs Quick Bailout
Bernanke Backs Quick Bailout
Jan 17, 2008 10:50 AM CST

Bernanke Backs Quick Bailout

Fast, temporary stimulus would buoy flagging economy, Fed chief tells Congress

(Newser) - The country needs a federal stimulus package ASAP, Federal Reserve Chairman Ben Bernanke told the House Budget Committee today, advocating immediate legislation designed “so its effects on aggregate spending are felt as much as possible within the next 12 months.” But he said the package should be “...

Bernanke Backs Stimulus Plans for Economy

Fed chief wants aid package that's quick and temporary

(Newser) - Ben Bernanke insists he won’t take sides in a congressional fray over how to revive the nation’s flat-lining economy. But the Fed chief says he will support an economic stimulus package—be it GOP tax cuts or Democrats' increased spending—as long as it is quick and temporary,...

Stocks Teeter on Oil News
Stocks Teeter on Oil News
MARKETS
Jan 16, 2008 3:42 PM CST

Stocks Teeter on Oil News

Some wonder if Fed might offer rate cut before month's end

(Newser) - Stocks ended slightly down today partly in response to falling oil prices, which could provide a possible jump-start for consumer spending, the Wall Street Journal reports. "Considering that oil was near $100 not too long ago, this is a big move," one trader said. The Dow ended down...

Fed Survey Shows Slowing Economy
Fed Survey Shows Slowing Economy
Jan 16, 2008 2:34 PM CST

Fed Survey Shows Slowing Economy

Disappointing holiday sales fuel slowdown verging on recession

(Newser) - The Federal Reserve's regional business survey—released today, ahead of chief Ben Bernanke's appearance tomorrow before Congress—shows economic activity increasing more slowly, thanks to "disappointing" holiday sales. Some analysts think the survey—nicknamed the Beige Book—is evidence for a general economic slowdown, reports Bloomberg. "We are...

Bernanke Hints at Hefty Interest Rate Cuts

Fed hopes to thwart troubled markets, unemployment

(Newser) - The Federal Reserve may make "substantive" cuts to interest rates later this month in the face of rising economic difficulties, Ben Bernanke said today. Citing troubled financial markets and rising unemployment, the Fed chairman implied that it might drop its target short-term interest rate by .5% from 4.25%....

Goldman Predicts Recession
Goldman Predicts Recession
Jan 10, 2008 12:31 PM CST

Goldman Predicts Recession

Wall Street's top firm sees two unhappy quarters ahead

(Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we...

Unemployment Rises, May Spur Rate Cut

Weak jobs data makes Fed action likely

(Newser) - The labor market took a hit in December, with the jobless rate hitting a two-year high and payroll increases falling well short of predictions. Nonfarm payrolls rose just 18,000, much less than both November’s 115,000 and the 50,000 prognosticators expected. The gloomy numbers increase the odds...

Given Rent Prices, Homes Still Too High

Expect another 15% drop if historical relationship holds

(Newser) - If rent prices are any indication, home prices aren’t done falling, according to one former and two current Federal Reserve economists. Annual rents have historically held steady at about 5% of home prices, but since 1996 home prices have left rents in the dust, the Wall Street Journal explains....

Fed Remains Open to More Rate Cuts
Fed Remains Open to More Rate Cuts
Jan 2, 2008 7:33 PM CST

Fed Remains Open to More Rate Cuts

Minutes from last meeting display growing concern about markets

(Newser) - Fed officials will consider deeper rate cuts and a "substantial further easing of policy" if the turmoil in the credit and housing markets continues, according to minutes of last month's meeting. Officials displayed surprise at the extent of the housing crisis and acknowledged that market strains "could persist...

Market Plummets to Start Year
Market Plummets to Start Year
MARKETS
Jan 2, 2008 3:28 PM CST

Market Plummets to Start Year

Weak manufacturing, surging oil prices sink stocks

(Newser) - The Dow fell 214.11 to 13,050.71 today, giving 2008 its first record: biggest point drop to start a year. Climbing commodity prices and poor manufacturing readings led the sharp 1.7% decline, and spiking crude oil futures sealed the bearish day. One strategist fretted over the Institute...

Americans Falling Behind on Credit Cards

Amount overdue on US accounts surged 26% in October

(Newser) - It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in...

Markets Dip on Bond News
Markets Dip on Bond News
MARKETS
Dec 19, 2007 3:47 PM CST

Markets Dip on Bond News

Fed auction is deemed positive though

(Newser) - The market ended slightly lower after another rollercoaster day, as S&P’s downgrade of major bond insurers took a toll on stocks otherwise buoyed by reports of a positive auction by the Fed. The Dow was off 25.20 to 13,207.27 on news Ambac Financial and MBIA...

Fed Cracks Down on Loose Lending
Fed Cracks Down on
Loose Lending
Dec 18, 2007 7:43 PM CST

Fed Cracks Down on Loose Lending

Unanimous vote marks historic shift toward regulation

(Newser) - Seeking to avoid another subprime meltown, the Federal Reserve cracked down on mortgage lending today by a unanimous 5-0 vote, the Wall Street Journal reports. If approved next year, the Fed proposals will require creditors to consider borrowers' financial and credit status, but will not prohibit prepayment penalties altogether, a...

Fed Plans to Tighten Mortgage Lending Rules

Proposals will rein in subprime lenders

(Newser) - Stricter rules will face mortgage lenders if a Federal Reserve proposal unveiled today moves forward. The Fed wants to prohibit or limit prepayment penalties, force lenders to make sure borrowers set aside money for taxes and insurance, require lenders to verify income, and prohibit lenders from giving borrowers unaffordable loans,...

Greenspan: Odds Rising for Recession

Former Fed chief says US economy 'close to stall speed'

(Newser) - Alan Greenspan warned yesterday that sluggish economic growth is increasing the risk of recession. "It's too soon to say, but the odds are clearly rising," the former Fed chief told NPR. The subprime crisis and its resulting credit turmoil has growth "getting close to stall speed,"...

Nov. Retail Sales Up 1.2%; Sky May Not Be Falling

(Newser) - November’s retail sales confounded doomsayers, surging 1.2%, twice the 0.6% analysts predicted, Bloomberg reports. Many had worried that consumer spending would take a hit as gas rose and housing fell, but now it looks like job and income growth could cushion the fall. “The numbers should...

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