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NEWS ABOUT: interest rate

Dow Skyrockets as Oil Retreats

Deep-seated concerns about economy remain

(Newser) - Stocks rallied today after the Fed said it would keep money cheap for the time being and crude prices fell to below $120 a barrel, a 3-month low. The Dow gained 330.80 to close at 11,614.95, the Nasdaq rose 64.27 to 2,349.83, and the... More »

Europe Hikes Interest Rates to Curb Inflation

Central bank's quarter- point increase to 4.25% is first move in a year

(Newser) - The European Central Bank today adjusted interest rates for the first time in more than a year, reports MarketWatch, raising the main rate by a quarter-point to 4.25%. The increase comes just after a report that inflation in the eurozone has reached 4%, the highest rate since the introduction... More »

Oil Gushes Past $145

Experts say a further weakening of the dollar will push prices higher still

(Newser) - The specter of conflict in Iran and a surprisingly large decline in US stockpiles pushed European oil prices above $145 today for the first time, reports the AP. A further weakening of the dollar, if the European Central Bank raises interest rates as expected later today, could push prices even... More »

Big Rally Ends in Modest Gains

Oil drop, Fed's confidence in growth not enough to preserve rise

(Newser) - The markets rallied for much of the day on news of ebbing oil prices and the Fed's decision to hold rates steady, but it fell mostly flat by the finish on nagging worries about long-term growth, the Wall Street Journal reports. The Dow—at one point up more than 100... More »

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... More »

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 »

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... More »

Blip or Deeper Trouble? More Economists Grow Gloomy

Analysts speculate if gloomy figures have sparked fundamental change

(Newser) - Optimists can easily chalk up Friday's disastrous day on Wall Street to a skittish market overreacting to lousy news about oil prices and unemployment. The problem, writes Ben Steverman in BusinessWeek, is that many analysts are lining up in the pessimists' camp, which holds that something more "fundamental" is... More »

Surprise Rate Hike Will Soon Rattle US Borrowers

Yardstick London interest rate jumps

(Newser) - A surprise hike in a widely used interest rate is expected to soon send many US borrowers reeling, the Wall Street Journal warns. The London interbank offered rate, a yardstick for financial instruments including resettable mortgages, jumped sharply yesterday. The increase, a signal that banks are becoming more cautious about... More »

Credit Crunch Slows Spending

Consumers, businesses tighten belts just as economy needs fuel

(Newser) - Fewer credit card offers, tougher mortgage requirements, and a slowdown in business expansion all are likely because of the worsening credit crisis, reports the Washington Post. Banks are looking to limit exposure to high-risk customers and restore their own bottom lines. And that’s tough medicine for an economy that’... More »

Bernanke Tosses Out His Rule Book

As Wall Streets meltdown accelerates, the Fed chief adapts on the fly

(Newser) - With a recession and worsening meltdown on Wall Street looming, Fed chief Ben Bernanke has dumped textbook central bank economic policy, reports the New York Times. Last week's bailout of Bear Stearns, for example, seemed to fly in the face of his previous reluctance to rescue big institutions. And it... More »

Gold Hits Record $1K per Ounce

Slumping US economy, dollar sends investors to shiny commodity

(Newser) - Gold hit $1,000 per ounce for the first time today, the BBC reports, as investors flock to commodities. The precious metal is already up 20% on the year. “Every bit of bad US economic data boosts gold in two ways,” said Fortis Bank, both because gold is... More »

Stocks Rally, Flatten, End Down

Oil hitting $110-a-barrel mark sure doesn't help; hopes of another rate cut rise

(Newser) - Markets shot up early today, then flattened out and ended down as record oil and gas prices put a damper on things. Per-barrel oil prices hit $110.20 before landing at $109.92, the Wall Street Journal reports. The Dow ended down 46.57 to 12,110.24, the Nasdaq... More »

Fed Pours $200B Into Global Credit Relief Push

Central banks around the world try to ease liquidity problem

(Newser) - The Fed will inject huge quantities of cash into financial markets as part of a coordinated global attack on the credit crisis, Ben Bernanke announced today. The central bank will loan out another $200 billion, this time on a 28-day basis rather than overnight, the AP reports. The effort will... More »

Stocks Tumble on Weak Data

Dow drops 112 points on sluggish growth, rising jobless claims

(Newser) - Stocks fell more than they had in a week today amid reports of sluggish economic growth, rising jobless claims, and fears of failing banks, Bloomberg reports. The Dow fell 112.10 points to 12,582.18, the Nasdaq fell 22.21 points to 2,331.57, and the S&P... More »

Fed Sees Slower Growth, Higher Unemployment

Reserve officials sharply reduce economic forecast

(Newser) - The Federal Reserve issued a bleak assessment of the economy today, predicting weak growth and rising unemployment this year. Fed officials expect the economy to grow between 1.3% and 2% in 2008, the slowest in five years, the New York Times reports. A separate report today showed consumer prices... More »

Market Up After Seesaw Session

Investors shrug off inflation; sluggish growth seen

(Newser) - The Dow rose 90.04 points to 12,427.26 today in roller-coaster trading despite rising fears of inflation, MarketWatch reports. US consumer prices rose 0.4% last month in what one investment officer called “a nagging problem for the Fed.” The Nasdaq climbed 20.90 to 2,... More »

Stocks Sink on Fed Comments

Bernanke sees weak growth because of credit trouble

(Newser) - The markets fell today after three days of growth as the Fed warned that continuing credit trouble will restrain the economy and several top brokerage firms saw their earnings estimates reduced, MarketWatch reports. The Dow slid 175.26 points to 12,376.98, the Nasdaq dropped 41.39 to 2,... More »

Bernanke Suggests Rate Cuts Ahead

Fed chief sees threats from employment, housing, credit

(Newser) - Federal Reserve Chairman Ben Bernanke signaled today that further interest rate cuts might be necessary, citing continuing fallout from the credit and housing market collapses, reports the Wall Street Journal. Bernanke told the Senate Banking Committee he expected "a period of sluggish growth, followed by a somewhat stronger pace... More »

Selloff Drives Dow Down 171

Two-day rally snaps on renewed jitters over mortgage crisis

(Newser) - A 2-day rally sputtered today as the Dow fell 171.44 to 12,207.17 on new jitters about a touchy market. Even strong quarterly reports from Microsoft, Caterpillar, and Honeywell couldn’t keep investors buying this morning; said one economist, “The market is still in a very fragile... More »

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