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December 3, 2008 12:55:09 PM CST


Federal Reserve

Federal Reserve news stories

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 As Expected, 
 Fed Holds Steady 

Federal funds rate stays at 2% as bank ends 10-month run of cuts

(AP) - The Federal Reserve decided today leave a key interest rate unchanged, bringing an end to a string of consecutive rate cuts aimed at keeping the country out of a deep recession. The federal funds rate will remain at 2%—the first time in 10 months the Fed has failed to reduce interest rates at one of its regular meetings. More »

More about:  Federal Reserve Ben Bernanke interest rate federal funds rate

Fed Likely to Hold Rates—
for Now

Bernanke hopes the 2% interbank rate will help economy rebound

(Newser) - Despite fears that inflationary forces are revving, the Federal Reserve will probably hold the interbank federal funds rate at 2% today, hoping the bargain basement rate can help kick-start a stalled economy that’s been hamstrung by a tenacious housing slump and a credit crunch hangover, Reuters reports. More »

More about:  Federal Reserve Ben Bernanke inflation interest rate interest rate cut

MARKETS

 Stocks Dip as Fed Meets  

Fed inaction spurs recovery from bad economic news

(Newser) - The markets seesawed throughout today's session, closing down slightly as a minor rally in financials offset bad economic news and warnings of a poor quarter for UPS, MarketWatch reports. The Dow fell 34.93 to 11,807.43, Nasdaq dropped 17.46 to 2,368.28, and the S&P 500 lost 3.71 to finish at 1,314.29. More »

More about:  stock market S&P 500 Federal Reserve consumer confidence NASDAQ financial stocks United Parcel Service Inc. Marketwatch

Housing Slump Won't Ease Anytime Soon, Says Study

Tight credit, interest rate worries keep homebuyers on sidelines

(Newser) - Rising mortgage rates and a tenacious slump in sales and home values will continue to depress the worst housing market in decades, reports Reuters. Don't expect potential saviors—new home buyers—to make a dent any time soon, says a Harvard study. With mortgage rates at a 9-month high, credit tight, and foreclosures on the rise, they will likely wait until the market hits bottom, and it appears to have a ways to go.  More »

More about:  Federal Reserve housing market foreclosure interest rate home prices

 Paulson Seeks
 Expanded
 Fed Powers 

Treasury secretary says Fed role needs to be revised, upgraded to respond to risk

(Newser) - Treasury Secretary Henry Paulson today will urge Congress to broaden the Federal Reserve’s oversight role on Wall Street, giving it the authority to demand data from financial institutions to help prevent incidents like the Bear Stearns collapse. Any major change in regulatory authority would have to be approved by Congress, reports the Washington Post . More »

More about:  Federal Reserve Henry Paulson Ben Bernanke Bear Stearns oversight Federal Reserve Bank of New York

ANALYSIS

 In Turmoil,
 Bernanke Forged
 New Persona 

Fed chief sheds academic image with crisis management; some worry he went too far

(Newser) - Federal Reserve chief Ben Bernanke’s aggressive actions in March to douse the fire consuming financial markets won him fans on Wall Street and elsewhere, but created a cadre of critics who say the “Bernanke Doctrine” fuels inflation and hurts the dollar, the New York Times reports. “It has been a really head-spinning range of unprecedented and bold actions,” said one expert. More »

More about:  Federal Reserve Ben Bernanke interest rate cut monetary policy prime rate

MARKETS

 Oil, Fed Leave
 No Grins,
 Just Bears 

Fed minutes confirm expectations of higer inflation, slower growth

(Newser) - Oil prices kept on pummeling the markets today, and minutes from the Fed's most recent meeting confirmed warnings of higher inflation and lower growth—signaling a pause in rate cuts. "The rise in energy products is going to be the knell for consumer spending," one analyst tells the Wall Street Journal . The Dow ended down 227.49 to 12,601.19, the Nasdaq fell 43.99 to 2,448.27, and the S&P dropped 22.69 to 1,390.71. More »

More about:  stock market Federal Reserve oil price

 Recession Fears
 Overblown: Economists 

Fed's actions key strong economic reports, signs of market recovery

(Newser) - A growing number of economists are saying, cautiously, that the US might have pulled back from the brink of recession, the Wall Street Journal reports. The experts credit swift action by the Federal Reserve to lower interest rates and save Bear Stearns in March, and even the ongoing distribution of fiscal-stimulus checks, as catalysts for the detour. More »

More about:  stock market Federal Reserve recession Bear Stearns credit market economic stimulus package consumer prices

 Treasury Boss: Worst Is Over 

Paulson says US emerging from storm

(Newser) - The US is emerging from the credit woes triggered by the turmoil over subprime mortgages—despite the continuing wave of foreclosures across the nation, according to Treasury Secretary Henry Paulson. Paulson, in the most positive comments yet from the White House on the nation's economic troubles, in part credited the federal bailout of Bear Stearns, reports the Wall Street Journal. More »

(Newser) - Federal Reserve Chairman Ben Bernanke yesterday called for government intervention to halt home foreclosures, warning that to do nothing could "destabilize communities, reduce property values of nearby homes, and lower tax revenues." Bernanke said in a speech in New York that a million Americans were already three months behind in mortgage payments at the beginning of this year, threatening dire consequences for the future of the economy, reports the Los Angeles Times . More »

MARKETS

 Jobs Rally Fizzles; Stocks Mixed 

Cautious market not fully inspired by jobs, Fed action

(Newser) - The markets ended mixed today as a rally spurred by news of fewer April job losses than expected and the Fed's bank-liquidity expansion died down before the closing bell, MarketWatch reports. The Dow rose 48.20, closing at 13,058.20, and the S&P 500 gained 4.56 to end at 1,413.90. The Nasdaq fell 3.72, closing at 2,476.99. More »

More about:  Dow Jones S&P 500 Federal Reserve Nasdaq jobless claims rally monetary policy

MARKETS

 Stocks Rally; Dow Up Almost 200 

Fed's latest actions draw late but rave reviews

(Newser) - Stocks rallied today on strong performances by several big tech firms, MarketWatch reports. Investors also poured money into financials in anticipation of the dollar boost the Fed will cause by holding interest rates steady after yesterday’s cut. The Dow climbed 189.87 to at 13,010.00, the Nasdaq rose 67.91 to 2,480.71, and the S&P 500 jumped 23.72 to 2,480.71. More »

More about:  Dow Jones S&P 500 Federal Reserve Nasdaq Ben Bernanke Intel interest rate cut Exxon Symantec

MARKETS

 Rate-Cut News 
 Sweeps Away Rally 

Stocks end down thanks to nervous investors