Federal Reserve

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Markets Dip on Bond News
Markets Dip on Bond News
MARKETS

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

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...

Stocks Inch Up After Fed Action
Stocks Inch Up After Fed Action
MARKETS

Stocks Inch Up After Fed Action

Bad news and lingering doubts about yesterday's cut keep rally tame

(Newser) - Stocks gained slightly after the Fed's decision to join four other central banks in pumping cash into the global financial system. Following yesterday's plunge of nearly 300 points after the Fed cut interest rates by only a quarter-point, the Dow gained 41.13 to close at 13,473.90. The...

Fed to Inject $64B Into Global Money Markets

Will lend $24B to European and other central banks, $40B in four auctions, to ease credit crisis

(Newser) - The Federal Reserve will inject some $64 billion into the global economy, fearing that the ongoing credit crunch could spark recession. In the most significant international economic cooperation since 9/11, the Fed will supply up to $24 billion to the ECB and other central banks to ease the money supply...

Stocks Plunge After Rate Cut
Stocks Plunge After Rate Cut
MARKETS

Stocks Plunge After Rate Cut

Investors had hoped for half-point cut

(Newser) - Stocks plunged today after the Fed cut a key interest rate by only a quarter-point, Bloomberg reports. Investors who had hoped for a half-point fear the smaller cut won't do enough to stave off a recession. "They're thinking that the Fed doesn't get it," said a strategist. The...

Fed OKs Quarter-Point Cut
Fed OKs Quarter-Point Cut

Fed OKs Quarter-Point Cut

Federal funds figure drops for 3rd month

(Newser) - The Federal Reserve cut two key interest rates at this afternoon's meeting, lopping a quarter-point off both the federal funds rate and the discount rate. The federal funds rate now stands at 4.25%, which represents a drop of 100 basis points over the past 3 months, the Wall Street ...

Economists See Rising Risk of Recession

Nearly all in survey say Fed must take strong action, cut rates

(Newser) - Economists are painting a bleak picture of the US economy next year, with the housing mess, reduced job growth, and rising unemployment putting the likelihood of recession at its highest level in three years, the Wall Street Journal reports. Nearly all the economists surveyed by the paper said the Fed...

Stocks Up on Rate Cut Hopes
Stocks Up on Rate Cut Hopes
MARKETS

Stocks Up on Rate Cut Hopes

Investors keep their eye on tomorrow's Fed actions

(Newser) - Stocks kept climbing today as investors held out for a nearly certain rate cut at tomorrow's Fed meeting. A positive housing report and mostly good news from financials also helped keep things bullish. "Everybody is paying attention to tomorrow's rate" cut, a trader told the Wall Street Journal. The...

Good News Rallies Markets
Good News Rallies Markets
MARKETS

Good News Rallies Markets

Sunny economic stats and hope for a rate cut give stocks a boost

(Newser) - Stocks took off today in response to cheerful economic data and rising hopes for a Dec. 11 rate cut from the Fed. Government reports showed an increase in productivity and an unexpected jump in hiring, the Wall Street Journal reports. The Dow was up 196.23 to 13,444.96,...

Stocks Fall on Credit Worries
Stocks Fall on Credit Worries
MARKETS

Stocks Fall on Credit Worries

JPMorgan says earnings will drop at big brokerages

(Newser) - Stocks fell again today after JPMorgan Chase predicted that profits would drop at big brokerages. Meanwhile, lower oil prices lowered earning prospects for energy companies, reports Bloomberg. "Until credit loosens up, you can't get a solid footing in the market," says a manager. The Dow was down 65....

Washington Takes Aim at Credit Cards

Lawmakers vow to tackle rate hikes, reform arcane fee system

(Newser) - Dem lawmakers vow to finally rein in credit card companies after years of consumer complaints, the Washington Post reports. They want lenders to scrap random rate hikes and inscrutable fees, and plan to tackle it in a hearing next week; one rep has already drawn up legislation. But industry lobbyists...

Techs Put Damper on Optimism
Techs Put Damper on Optimism
MARKETS

Techs Put Damper on Optimism

Dell's struggles narrow Bernanke boost

(Newser) - The markets closed up today on rumors of a coming interest rate cut, but bad news in the tech sector limited gains. The Dow climbed 59.99 points to 13,371.72, but only after a negative forecast from Dell erased a sizable morning rally. The S&P 500 climbed...

Bernanke Hints at Rate Cut
Bernanke Hints at Rate Cut

Bernanke Hints at Rate Cut

Fed chief expresses concern about housing, financial markets

(Newser) - Ben Bernanke signaled tonight that the Fed is ready to cut interest rates again to help the struggling economy, the Wall Street Journal reports. The Fed chief said the nation's housing troubles and its offshoots are straining the economy and financial markets and will "create some headwinds for the...

Dow Jumps 331 on Fed Hopes
Dow Jumps 331 on Fed Hopes
MARKETS

Dow Jumps 331 on Fed Hopes

Stronger dollar and respite from bad news on financials keeps market bouncing

(Newser) - Stocks were way up today—the Dow by over 300 points—buoyed by hopes for a Fed interest-rate cut, good news from beleaguered financials, and a stronger dollar. Remarks by Vice Chairman Donald Kohn led investors to believe the Fed is still considering a cut, the Wall Street Journal reports....

Stocks Rebound After Correction
Stocks Rebound After Correction
MARKETS

Stocks Rebound After Correction

Cash for Citigroup, lower oil prices help rally

(Newser) - Stocks bounced back today after yesterday's correction with help from an injection of cash for Citigroup and lower oil prices. "The market isn't up on a cheerful consumer—it's oversold and looking to bounce," an analyst tells the Wall Street Journal. The Dow was up 215.00 to...

Credit Woes Wipe Out Bounce
Credit Woes Wipe Out Bounce
MARKETS

Credit Woes Wipe Out Bounce

Black Friday upswing crushed by the financial sector

(Newser) - Credit worries wiped out the market's bounce from Black Friday today as the Dow plunged well over 200 points. The financial sector led the dive. "Until the financials bounce back the market's not going to be in a great place," one trader tells the Wall Street Journal. The...

Feds Seize Ron Paul 'Dollars'
Feds Seize Ron Paul 'Dollars'

Feds Seize Ron Paul 'Dollars'

Candidate and 'sound money' advocate's image on 60,000 coins

(Newser) - Federal agents raided the Indiana headquarters of a so-called "sound money" group this week, seizing nearly 60,000 "Ron Paul Dollars"—copper coins bearing the likeness of the renegade Texan congressman, GOP candidate for president and sound-money advocate. The organization has more than $20 million in illegal...

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