Federal Reserve Chairman Ben Bernanke said the huge amounts of money the U.S. central bank has pumped into the economy will not undercut its ability to push borrowing costs higher when the time is ripe.
The Obama administration's $787 billion stimulus package is working despite rising U.S. unemployment and stabilizing the economy must take precedence over tackling the bloated deficit, a top White House economic adviser said on Friday.
U.S. banks, at the center of the world's financial crisis, will command investor focus on Friday with Bank of America and Citigroup results following strong showings from their peers.
U.S. banks, at the center of the world's financial crisis, will command investor focus on Friday with Bank of America and Citigroup results following strong showings from their peers.
Australian Dollar: After a quiet Asian session yesterday the Aussie dollar came to life overnight, rallying hard from 0.7950 to open this morning back above the 80 cent handle at 0.8035.
The Federal Reserve held fire on additional asset purchases at its meeting last month because of doubts about how financial markets would react to more buying, documents on Wednesday showed.
The U.S. recession might be loosening its grip, data released on Wednesday suggested, although analysts cautioned recovery was likely to be long and slow.
U.S. industrial output declined at a slower pace in June and a key regional U.S. factory survey posted its strongest reading in a year this month, suggesting the recession was loosening its grip.
U.S. stocks headed for a sharply higher open on Wednesday as Intel Corp's solid quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.
U.S. consumer prices rose at a slightly faster-than-expected 0.7 percent pace in June, but the bulk of the increase was due to soaring gasoline prices and the core measure of inflation remained relatively tame, government data on Wednesday showed.
U.S. consumer prices rose at a slightly faster-than-expected 0.7 percent pace in June, but the bulk of the increase was due to soaring gasoline prices and the core measure of inflation remained relatively tame, government data on Wednesday showed.
Higher costs for oil and gasoline likely pushed U.S. consumer prices up in June by the most for any single month since oil prices peaked last summer, according to a poll of economists.
A jump in auto and gasoline sales salvaged an otherwise lackluster June for U.S. retailers, while an inflation gauge jumped by twice as much as expected, suggesting a long-awaited economic recovery will be sluggish.
China's Baosteel will raise prices of its major steel products by 9 to 13 percent next month, more than expected, a move that may suggest mills have effectively given up their battle for lower iron ore prices.
A painfully gradual U.S. recovery should start in the third quarter, even as the job market is still weakening, said an economist with the San Francisco Federal Reserve Bank.
A jump in auto and gasoline sales salvaged an otherwise lackluster June for U.S. retailers, while an inflation gauge jumped by twice as much as expected, suggesting a long-awaited economic recovery will be sluggish.
Lax lending standards alone did not bring about the housing bubble, according to a study by the New York Federal Reserve, challenging the widely held view of the origins of the collapse in home prices.
The Bank of England cut the pace at which it pumps money into Britain's economy on Thursday after unexpectedly deciding not to expand its 125 billion pound ($204 billion) asset buying scheme, raising fears it may stop purchases completely.
The Bank of England decided on Thursday to stick to its program of pumping 125 billion pounds into the economy, defying expectations it would expand its bond purchases and boosting fears it may be about to end the scheme.
The Bank of England surprised markets by announcing no expansion of its quantitative easing scheme on Thursday as it left interest rates unchanged at a record low of 0.5 percent for a fourth month running.
The U.S. recession is likely to end this year, but the Federal Reserve will not be in a rush to change its policy stance while unemployment is still rising, a top Fed policy-maker said on Wednesday.
The U.S. recession should end in the second half of 2009 but the Federal Reserve needs clearer signs of sustainable growth to start reversing course on policy, Chicago Fed president Charles Evans said on Wednesday.
