central bank

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Schwarzman Weighs In on Market Reforms
Schwarzman Weighs In on Market Reforms
OPINION
Nov 4, 2008 10:46 AM CST

Schwarzman Weighs In on Market Reforms

Private-equity billionaire says regs should be global, streamlined

(Newser) - With the world in “the worst financial crisis in recent memory,” private-equity billionaire Stephen Schwarzman advocates seizing the opportunity to prevent a repeat. In an op-ed piece in the Wall Street Journal, the Blackstone CEO, who pocketed $677 million from the firm’s IPO last year, calls for...

Stocks Rocky After Rate Cuts
 Stocks Rocky After Rate Cuts 
updated
Oct 8, 2008 9:25 AM CDT

Stocks Rocky After Rate Cuts

Investors cheer/jeer/cheer the rate cut

(Newser) - Stocks had a volatile morning, dropping as much as 230 points after the bell before swinging upwards once more, the Wall Street Journal reports. The Dow was up about 39 points at midmorning, while the Nasdaq and S&P gained 0.7% and 0.8% respectively, as investors digested a...

Fed Joins 5 Central Banks in Shock Rate Cut

US, EU, UK, others offer 50-point reduction to reverse diving markets

(Newser) - The Federal Reserve and five other central banks cut interest rates by 50 basis points in an emergency attempt to stem the economic effects of the credit crisis, reports Bloomberg. The move brings the American benchmark rate to just 1.5%, while the European Central Bank and the monetary authorities...

IMF to US: Do Something NOW
IMF to US: Do Something NOW
Oct 1, 2008 7:30 AM CDT

IMF to US: Do Something NOW

Monetary fund chief pressures Congress to pass bailout, Europe to make plans

(Newser) - The US must act swiftly to avoid economic meltdown and Europe's banks need to be ready with emergency plans of their own, IMF's managing director warns. European and Asian markets have bounced back on the prospects of a revived US bailout deal, but JP Morgan analysts warned yesterday that Europe's...

European, Asian Markets Edge Up After Dive

US economic illness goes viral

(Newser) - Europe markets edged back up after an early drop today as the failure of the US bailout package continued to sap confidence worldwide, Bloomberg reports. Asia's markets went into freefall on opening this morning but gradually recouped some losses on hopes of a fresh deal. The Nikkei index was down...

Central Banks Scramble to Feed Cash Into Markets

Biz slows as bailout talks stall

(Newser) - The world's central banks are frantically spraying money into the economy to prevent it from seizing up as the US bailout package stalls and confidence plummets, Reuters reports. The holdup in Washington has made edgy commercial banks even more inclined to hoard cash and not lend to each other—leaving...

Stocks Jump at Bell on Central Bank Cash

Dow up 140

(Newser) - Stocks surged at the opening bell this morning, as traders registered approval of the central banks’ move to inject $360 billion into global money markets. The Dow jumped 118 points, while the S&P and Nasdaq rose 1.6% and 2% respectively. “These joint interventions are welcomed by the...

Central Banks Throw $360B Lifeline
 Central Banks 
 Throw $360B Lifeline 
UPDATED
Sep 18, 2008 4:34 AM CDT

Central Banks Throw $360B Lifeline

Effects of worldwide effort on markets still unfolding

(Newser) - The Fed has joined forces with central banks in Europe, Japan and Canada to pump more dollars into the global financial system in a bid to fend off economic catastrophe, Bloomberg reports. The funds—$180 billion from the Federal Reserve and nearly as much from the other banks—are being...

Bailouts Blast Fed Into Uncharted Territory

Central bank's new roles stretch balance sheet to the limit

(Newser) - The Fed's mammoth bailout of financial firms is unprecedented in the history of the central bank, which now must play new and contradictory roles, the New York Times reports. The Fed has often been called the nation's lender of last resort—but the acquisition of AIG and holding of Bear...

Medvedev Urges Calm in Russian Market Crisis

With stocks off big, bank chief warns of lack of liquidity

(Newser) - The Russian economy is skidding, and its leaders are giving somewhat contradictory messages, the AP reports. Shortly after President Dmitry Medvedev assured the public today that stock-market troubles don’t “reflect the actual state of the economy,” the chairman of the country’s central bank said “as...

Banks Bracing as Their Own Debts Come Due

Billions in shorter-term, floating rate notes likely to prolong credit woes

(Newser) - Billions of dollars worth of floating rate notes—vehicles used by banks to borrow money—taken out in 2006 are coming due in the next few months, and the industry is bracing for a wave of bank failures and asset sales as institutions struggle to pay off obligations, the Wall ...

Dollar Hits 6-Week High Against Euro

US, Europe team up to boost gaining greenback

(Newser) - The dollar hit a six-week high against the euro yesterday, leading relieved policymakers on both sides of the Atlantic to hope that the worst is over, reports the Financial Times. Analysts still reckon that Washington will continue its policy of benign neglect: a soft dollar encourages exports and reduces the...

Banks Need to 'Fess Up on Risk: G7 Panel

Forum of regulators says transparency needed to end crisis

(Newser) - Top financial regulators today challenged banks to come clean about risks they face, the Wall Street Journal reports. The Financial Stability Forum, a worldwide team of financial honchos—including several central bank chiefs—concluded that “hording of liquidity” was leading to “severe strains” in the lending market. Only...

Bank of England Governor Gets 2nd Term

King reappointed despite criticism over Northern Rock

(Newser) - Mervyn King has won a second term as governor of the Bank of England, the Fed's British counterpart, ending months of speculation about his future. Reuters reports that King will serve at the head of the UK central bank for another five years despite the City's fury at his handling...

Soaring Inflation Rocks China
Soaring Inflation Rocks China
Sep 11, 2007 3:36 AM CDT

Soaring Inflation Rocks China

Food prices feeding public unrest

(Newser) - China's soaring inflation rate is the highest in a decade, putting pressure on the central bank to hike interest rates for the fifth time in six months to cool China's superheated economy. Food prices have jumped 18%, raising fears of public unrest., Bloomberg reports. Consumer prices rose across the board...

Fed Stands Pat on Prime Rate
Fed Stands Pat on Prime Rate
Aug 7, 2007 2:30 PM CDT

Fed Stands Pat on Prime Rate

Central bank's top priority remains curbing inflation

(Newser) - The Fed today kept its benchmark interest rate steady at 5.25%, despite concerns that tightening credit will lead to an economic downturn. It's the ninth consecutive time the Fed has left the prime rate unchanged, the Times reports, and a sign that Ben Bernanke's top priority is curbing inflation...

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