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Federal Reserve chairman Ben Bernanke said that economic activity has downshifted further and the policy response must be vigorous. He said cutting the Fed funds target rate below 1% is "certainly feasible", but broader action could be more efficient. "At this point, the scope for using...
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It is widely expected that the Federal Reserve will cut the Fed funds rate by 50 basis points to 1.00% on Wednesday, the lowest level since June 2004. Fed watchers expect the vote to be unanimous and the accompanying statement to echo the "wait-and-see" approach seen in previous months. The...
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Comments from Fed Chairman Ben Bernake will be the highlight of the day's economic news, which includes speeches from European Central Bank President Jean-Claude Trichet and Minneapolis Fed President Gary Stern (voter). In the afternoon, the Fed will also release minuets from its monetary policy...
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In a statement released after the passage of the $700 billion bailout legislation, Federal Reserve Chairman Ben Bernanke applauded the actions taken by Congress. "The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households...
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Federal Reserve Chairman Ben Bernanke will be speaking at the Senate Banking, Housing and Urban Affairs Committee on Tuesday, his first public speech on the economy in nearly a month. Rudy Narvas, a Fed watcher and macroeconomist at 4Cast, said he expects Bernanke to make comments similar to those heard...
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In an unprecedented series of actions from the U.S. Treasury Department, the U.S. Federal Reserve and the U.S. Securities and Exchange Commission over the last 24 hours, the administration has announced plans to purchase illiquid assets from financial institutions. It also promised to buy up Fannie Mae...
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In contrast to the last two meetings, expectations from economists, analysts, and futures markets are deeply divided over whether the Federal Open Market Committee (FOMC) will hold the target interest rate at 2.00% upon concluding the monetary policy meeting on Tuesday. While some say the Fed will be...
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The Federal Reserve announced several initiatives on Sunday, including " enhancements to its existing liquidity facilities ." In the Federal Reserve's press statement, Chairman Ben Bernanke said the steps will "mitigate the potential risks and disruptions to markets." The collateral...
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U.S. Federal Reserve Chairman Ben Bernanke , European Central Bank President Jean-Claude Trichet , and former central bank officials and head economists all met in Jackson Hole, Wyoming over the weekend, one year after the start of the financial crisis that has led to more than $500 billion in losses...
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Another round of major world central bank decisions are out of the way, yet rates are still where they were at prior to the decisions. However, many economists expect at least some of the banks to start moving on rates before the end of the year. The U.S. Federal Reserve surprised no one when it left...
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The Bank of Canada's rate decision and semi-annual testimony from Fed Chairman Ben Bernanke are the main events of what is looking to be an action-packed Tuesday. Markets will also be treated to the Canadian new motor vehicle sales, U.S. PPI and the Empire Fed's manufacturing index. At 7:45 a.m. EDT...
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A hawkish testimony and mostly unchanged rhetoric are expected from Fed Chairman Ben Bernanke on Tuesday, as the head of the U.S. central bank delivers the first of a two-day semiannual testimony to congress. "In the US, all eyes will be on Ben Bernanke as he appears before Congress on Tuesday to give...
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Appearing before the Senate Banking Committee at the semiannual Humphrey-Hawkins testimony on Tuesday, Federal Reserve Chairman Ben Bernanke said the economy is facing numerous difficulties. "The U.S. economy and financial system have confronted some significant challenges thus far in 2008.The contraction...
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In a question and answer session with the Senate Banking Committee at the Humphrey-Hawkins testimony, Federal Reserve Chairman Ben Bernanke said the central issue in the U.S. economy is the housing market . Bernanke said the housing market is under considerable financial stress and that the focus should...
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A hawkish testimony and mostly unchanged rhetoric are expected from Fed Chairman Ben Bernanke on Tuesday, as the head of the U.S. central bank delivers the first of a two-day semiannual testimony to congress. "In the US, all eyes will be on Ben Bernanke as he appears before Congress on Tuesday to give...