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Investor sentiment began the week with a rapid downward slide after the World Bank released new forecasts severely downgrading the prospects for a global recovery. The world economy remains "unusually uncertain" and is now expected to shrink 2.9% this year, the World Bank said, compared with the -1.7% prediction issued in March. Markets opened lower and extended losses in the first hour of trading. As of 11:00, the Nasdaq had shed 2.50% to 1781, the S&P 500 had lost 2.12% to 902, and...

The Federal Reserve and Federal Deposit Insurance Corporation want to create systemic regulator in the United States and overhaul the financial system to prevent and limit impacts from financial crises, according to officials from both bodies. "It...

The Fed, SEC, CFTC and Treasury Department have signed a memorandum of understanding for the creation of a clearing house for credit default swaps (CDS) , which will begin operations by the end of 2008. "A well-regulated and prudently managed CDS...

Comments from the U.S. Treasury Department on the TARP Program , some Fed speakers, and bond auctions from Canada and the United States are the main highlights of the day's macroeconomic data docket. An update from U.S. Treasury Secretary Henry Paulson...

San Francisco Federal Reserve President Janet Yellen said the Fed could lower rates below 1%, and that they could reach as low as zero amid a weak economy. Speaking at an event hosted by the University of California at Berkley and UCLA, Yellen said that...

The Federal Reserve announced Wednesday that it would cut the Federal funds target rate by half a point, as widely expected, to 1.00% . The accompanying statement said economic activity had decreased markedly from a decline in consumer expenditure. In...

The U.S. Treasury will purchase as much as $250 billion in preferred shares of financial institutions , insure all non-interest bearing deposits and guarantee senior bank debt. The announcement came Tuesday in a joint statement from the Treasury, Federal...