Ben Bernanke

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January 2008
- Bernanke Backs Quick Bailout
  
  CNN | Jan 17, 08 10:50 AM CST
  
  (Newser) - The country needs a federal stimulus package ASAP, Federal Reserve Chairman Ben Bernanke told the House Budget Committee today, advocating immediate legislation designed “so its effects on aggregate spending are felt as much as possible within the next 12 months.” But he said the package should be “explicitly temporary,” to avoid unwanted long-term stimulus and an undue deficit bulge, CNNMoney reports. More »
- Bernanke Backs Stimulus Plans for Economy
  
  New York Times | Jan 16, 08 7:51 PM CST
  
  (Newser) - Ben Bernanke insists he won’t take sides in a congressional fray over how to revive the nation’s flat-lining economy. But the Fed chief says he will support an economic stimulus package—be it GOP tax cuts or Democrats' increased spending—as long as it is quick and temporary, the New York Times reports. Lawmakers are scrambling to devise ways to ward off a recession, and Bernanke testifies before a House panel tomorrow. More »
- Fed Survey Shows Slowing Economy
  
  Bloomberg | Jan 16, 08 2:34 PM CST
  
  (Newser) - The Federal Reserve's regional business survey—released today, ahead of chief Ben Bernanke's appearance tomorrow before Congress—shows economic activity increasing more slowly, thanks to "disappointing" holiday sales. Some analysts think the survey—nicknamed the Beige Book—is evidence for a general economic slowdown, reports Bloomberg. "We are pretty much on the knife's edge'' of a recession, says one economist. More »
- IBM Leads Stock Surge
  
  Wall Street Journal | Jan 14, 08 3:45 PM CST
  
  (Newser) - Stocks surged today, propelled by hopes for an interest rate cut and expectation-busting fourth-quarter results from IBM. "The Fed has a very hard job right now, but I think the market is saying it thinks they are up to the task," a trading exec told the Wall Street Journal. The Dow jumped 171.85 to 12,778.15, the Nasdaq 38.36 to 2,478.30, and the S&P 500 15.23 to 1,416.25. More »
- Stocks Soar After Bumpy Ride
  
  MarketWatch | Jan 10, 08 3:19 PM CST
  
  (Newser) - The Dow finished up 117.78 points today, closing at 12,853.09 on signals from Fed chairman Ben Bernanke of interest-rate cuts to come and reports that Bank of America is in talks to buy home-loan giant Countrywide. It was a bumpy ride, though, as the key index was down more than 100 points at one point on weak December sales at big retailers. More »
- Bernanke Hints at Hefty Interest Rate Cuts
  
  Wall Street Journal | Jan 10, 08 1:30 PM CST
  
  (Newser) - The Federal Reserve may make "substantive" cuts to interest rates later this month in the face of rising economic difficulties, Ben Bernanke said today. Citing troubled financial markets and rising unemployment, the Fed chairman implied that it might drop its target short-term interest rate by .5% from 4.25%. “We stand ready to take substantive additional action as needed to support growth,” Bernanke said. More »
- Fed Remains Open to More Rate Cuts
  
  Wall Street Journal | Jan 2, 08 7:33 PM CST
  
  (Newser) - Fed officials will consider deeper rate cuts and a "substantial further easing of policy" if the turmoil in the credit and housing markets continues, according to minutes of last month's meeting. Officials displayed surprise at the extent of the housing crisis and acknowledged that market strains "could persist for quite some time," the Wall Street Journal reports. More »
December 2007
- Fed Cracks Down on Loose Lending
  
  Wall Street Journal | Dec 18, 07 7:43 PM CST
  
  (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 move sought by some consumer groups. More »
- Stocks Inch Up After Fed Action
  
  Wall Street Journal | Dec 12, 07 3:29 PM CST
  
  (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 Nasdaq was up 18.79 to 2,671.14, while the S&P tacked on 8.95 to close at 1,486.60. More »
- Fed to Inject $64B Into Global Money Markets
  
  Bloomberg | Dec 12, 07 10:02 AM CST
  
  (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 in Europe; meanwhile four auctions stateside will make available at least $40 billion to US markets, Bloomberg reports. More »
- Fed OKs Quarter-Point Cut
  
  Wall Street Journal | Dec 11, 07 1:30 PM CST
  
  (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 Journal reports. The discount rate is now 4.75%. More »
November 2007
- Bernanke Hints at Rate Cut
  
  Wall Street Journal | Nov 29, 07 7:18 PM CST
  
  (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 consumer in the months ahead." The Fed meets again Dec. 11. More »
- Bernanke Ups Fed Transparency
  
  Wall Street Journal | Nov 14, 07 10:34 AM CST
  
  (Newser) - The Federal Reserve will issue more detailed reports twice as often, Ben Bernanke announced today. Starting next Tuesday, the Fed will release projections for inflation, GDP, and unemployment four times a year, accompanied by a “narrative” telling investors what the Fed is thinking. Bernanke also said he’d be looking at overall inflation from now on, not just the gas- and food-free core rate. More »
- Bernanke Sees Q4 Slowdown
  
  Wall Street Journal | Nov 8, 07 9:58 AM CST
  
  (Newser) - Economic growth will slow "noticeably" through the end of the year and into 2008, Fed chief Ben Bernanke said in prepared testimony for a congressional panel today. Bernanke called the economy "resilient," but said the housing slump will intensify before it's over, the Wall Street Journal reports. He predicted that the sluggishness will persist several months into the year, as delinquencies on adjustable-rate mortgages continue to rise. More »
- Fed Pitches $41B Into Market
  
  Associated Press | Nov 1, 07 1:03 PM CDT
  
  (Newser) - The Federal Reserve followed up yesterday’s quarter-percent interest rate cut with a $41 billion cash injection into the US financial system today—one the biggest infusions of money yet, aimed directly at easing the credit crunch. The money was pumped into temporary reserves, where it's meant to lubricate turbulent markets and stave off a recession, the AP reports. More »
October 2007
- Fed Slashes Key Interest Rate Another Quarter-Point
  
  Wall Street Journal | Oct 31, 07 1:42 PM CDT
  
  (Newser) - The Federal Reserve cut its key lending rate today by 25 basis points, to 4.5%. The expected reduction is the second of the federal funds rate in two months. The board asserted, however, that growth and inflation risks are now “rough