Federal Reserve

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Fed Looks to Raise Cash With Its Own Debt Issue

Economy's dive prompts central bank to get more creative with financing programs

(Newser) - The Federal Reserve’s balance sheet has more than doubled to $2 trillion since August as it’s financed new programs and bailed out ailing businesses, prompting the central bank to weigh issuing its own debt for the first time, reports the Wall Street Journal. The Fed, looking for new...

Forget Obama and Congress; Bernanke Has Most Tools

Fed taking a big gamble

(Newser) - Barack Obama’s economic team and its plans get the big headlines, but let’s not forget that Ben Bernanke remains the biggest mover in US economic policy, Robert Samuelson writes in the Washington Post. Bernanke has been inventing new economic tools at a pace never seen before at the...

Bernanke Plugs More Help for US Homeowners

Fed chief outlines ideas for public, private sector to slow foreclosures

(Newser) - Ben Bernanke says more must be done to halt record US home-foreclosure rates, the New York Times reports. The Federal Reserve chief suggested several options today, including the government buying bad mortgages en masse and refinancing them through a government-insured program, and strengthening a scheme aimed at lowering homeowners’ monthly...

Dow Rises 173 in Volatile Day
 Dow Rises 173 in Volatile Day 
MARKETS
Dec 3, 2008 3:25 PM CST

Dow Rises 173 in Volatile Day

Fed's beige book reports economic contraction

(Newser) - Stocks pulled higher again today after a roller coaster day that saw the Dow swing temporarily into triple-digit losses, the Wall Street Journal reports. Despite dour data on the economy, stocks rose ahead of a November jobs report, due Friday, that is expected to report large losses. The Dow gained...

Credit Relief Flows Slowly&mdash;When It Flows at All
Credit Relief Flows Slowly—When It Flows at All
analysis
Nov 27, 2008 10:14 AM CST

Credit Relief Flows Slowly—When It Flows at All

Consumer aid package won't budge pickier banks

(Newser) - With hundreds of billions of dollars pumping into the calcified credit markets, many struggling Americans are expecting to see some relief, but many will be disappointed, the New York Times reports. Banks continue to stiffen loan eligibility requirements even as strapped consumers face deteriorating credit scores, and whole categories of...

Mortgage-Rate Drop Sets off Refinancing Rush

The biggest rate drop in seven years sends homeowners to banks looking for deals

(Newser) - The biggest one-day decline in mortgage rates in 7 years set off a frenzy of refinancing yesterday, as homeowners who'd been waiting for a bargain jumped into the market. The nearly one-point decline was prompted by the Fed's $600 billion commitment to buy mortgage-backed securities, reports Bloomberg. "It's the...

Stocks Keep Good Vibes Going
 Stocks Keep Good Vibes Going 
MARKET Open
Nov 25, 2008 9:13 AM CST

Stocks Keep Good Vibes Going

Stocks climb as investors are cheered by Fed plan to help consumer credit

(Newser) - Stocks continued to rise at the open this morning, with the Dow climbing more than 100 points and the S&P gaining 1.5%, as investors cheered the Treasury and Fed’s new program to boost consumer credit, the Wall Street Journal reports. The Nasdaq, however, was off slightly. The...

Bernanke's Job Security Hardly Assured

Fed chief's term is up in 2010, and with Summers in play, another is no certainty

(Newser) - Economists give Federal Reserve Chairman Ben Bernanke a passing grade for his efforts to fight the nation’s financial crisis, but that doesn’t guarantee he’ll keep his job when his appointment expires in 2010, reports the Wall Street Journal. President-elect Barack Obama may have a Fed-chief-in-waiting in Lawrence...

Feds Block Online Gambling
 Feds Block Online Gambling 
Nov 13, 2008 2:08 AM CST

Feds Block Online Gambling

New rule stops banks, credit card companies from processing bets

(Newser) - The Treasury Department and Federal Reserve will effectively outlaw most forms of online gambling with new rules that bar banks and credit card companies from processing transactions related to internet betting. The banking and gaming industry and House Financial Services Chairman Barney Frank oppose the new rules, reports the Wall ...

AmEx Cleared to Become Commercial Bank

Credit card company can now accept deposits, access emergency Fed funds

(Newser) - The Fed has given credit card giant American Express the all-clear to become a bank holding company in a bid to keep the financial crisis wolves from the door, Marketwatch reports. AmEx can now accept deposits and access the Fed's emergency lending facilities. The central bank waived the normal 30-day...

Fed Won't Say Where $2T in Loans Went

Money is in addition to $700B Wall St. bailout; collateral unclear, too

(Newser) - The Federal Reserve has lent more than $2 trillion to financial institutions under programs without congressional oversight—and will not disclose to whom or under what terms, Bloomberg reports. The loans are separate from the $700 billion congressionally approved bailout package. Investors and citizens are concerned that the collateral given...

'Race to Zero' Under Way as Central Banks Cut Rates

With Fed at 1% and European, Asian banks trimming, no-interest loans not far off, perhaps

(Newser) - Interest rates around the world are falling, with no end in sight as central banks hack away at obstacles to lending and try to jump-start their economies, Bloomberg reports. With the US rate at 1%, the Bank of England yesterday cut its key figure to 3%, the lowest since 1955,...

Credit Crisis 'Froze' Inflation: Dallas Fed Chief

Nevertheless, US is 'navigating the mother of all financial storms'

(Newser) - The credit crisis has had at least one unintended positive effect, stopping a growing threat of inflation, Bloomberg reports. Dallas Fed president Richard Fisher said “inflationary momentum froze in its tracks” as the credit market did the same, but otherwise had a poor view of the economy. “I...

Think 1% Is Low? He Could Go to Zero

Analysts predict Japan-style cuts in interest rates

(Newser) - Yesterday Ben Bernanke cut the federal funds rate to an ectomorphic 1%—but the Fed might not be done yet. More and more analysts are predicting that the central bank will have to cut rates all the way to zero if it wants to get the economy moving again. But...

Dow Down 74 After Volatile Day
 Dow Down 74 After Volatile Day 
MARKETS
Oct 29, 2008 3:19 PM CDT

Dow Down 74 After Volatile Day

Late rally evaporates after Fed confirms cut, but most of Tuesday's gains are preserved

(Newser) - Volatility ruled Wall Street today as investors waffled in their response to the expected Fed rate cut, MarketWatch reports. Though the session’s final hour saw the Dow rocket to a 250-point gain in light trading, that evaporated and the Dow closed down 74.16 at 8,990.96. The...

Fed Cuts Rate Half-Point to 1%
 Fed Cuts Rate Half-Point to 1% 
Oct 29, 2008 1:29 PM CDT

Fed Cuts Rate Half-Point to 1%

1% is lowest mark since 2004 as Bernanke tries to combat slowdown

(Newser) - The Federal Reserve surprised no one today, cutting interest rates by half a point, to 1%—as investors widely predicted he would, AP reports. “The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures,” the Fed said in a statement,...

Market Dips as Eyes Turn to Fed
 Market Dips as Eyes Turn to Fed 
MARKET OPENING
Oct 29, 2008 8:55 AM CDT

Market Dips as Eyes Turn to Fed

But yesterday's gain hasn't evaporated yet

(Newser) - Stocks took a modest dip at the open today, as investors waited for a rate cut decision from the Federal Reserve. The Dow fell 53 points, while the S&P and Nasdaq crept down 0.9% and 1.1% respectively. Investors are expecting a half-point rate cut, bringing the fed...

Fed Rate Cut to 1% Expected
 Fed Rate Cut to 1% Expected 
Oct 29, 2008 8:44 AM CDT

Fed Rate Cut to 1% Expected

With Inflation fears fading, 'the issue now is how bad the recession will be'

(Newser) - Worries about inflation are taking a backseat to recession fears as the Federal Reserve today is likely to lower its benchmark rate another half-point to 1%, with the possibility it could go to zero by June if the economy doesn’t rebound, reports Bloomberg. “The issue now is how...

Dow Jumps 889, Cracks 9,000
 Dow Jumps 889, Cracks 9,000 
MARKETS
Oct 28, 2008 3:35 PM CDT

Dow Jumps 889, Cracks 9,000

Bargain hunters spur big gains as markets jump late

(Newser) - Stocks zoomed past the 9,000 mark late in today's session as investors ignored a rock-bottom consumer-confidence rating, focusing on blue-chip gains and the likelihood of another rate cut by the Federal Reserve, the Wall Street Journal reports. The Dow shot up 889.35 to close at 9,065.12....

Stocks Jump on Rate-Cut Hope
 Stocks Jump on Rate-Cut Hope 
MARKET opener
Oct 28, 2008 8:53 AM CDT

Stocks Jump on Rate-Cut Hope

Strong opening on global rallies

(Newser) - Stocks shot up at the bell this morning, powered by rallies overseas and speculation that another Fed rate cut is coming down the pike. The Dow rose 239, while the S&P and Nasdaq saw 2.9% and 3.3% jumps respectively. Hong Kong’s Hang Seng in particular saw...

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