Chairman of the Federal Reserve, Ben Bernanke, has acknowledged that economic growth has been weaker than expected this year but expects it strengthen in the latter half of the year. His comments came shortly after it was revealed US employment growth weakened in May, with the jobless rate rising. Speaking at the International Monetary Conference [...]
Federal Reserve chairman, Ben Bernanke, has warned that a prolonged rise in oil prices would pose a danger to economic growth in the US. Speaking to the Senate Banking Committee, Mr Bernanke’s comments come after Brent crude hit $119 a barrel – a two-and-a half-year high. There have also been fears about the impact on [...]
US central bank, the Federal Reserve, has hinted it will take measures to stimulate the economy by way of buying up US Government bonds in order to lower borrowing costs. The fresh round of stimulus comes as the world’s largest economy is struggling with a sluggish recovery, low inflation and high unemployment. Furthermore, growth in [...]
As uncertainty surrounds the world’s largest economy, investors are awaiting the outcome of the Federal Reserve’s policy meeting today. The US Fed is set to announce its decision on interest rates and other stimulus measures. Interest rates in the world’s largest economy have stood at the low level of between 0% and 0.25% since December [...]
The Federal Reserve has this week elected to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected. Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously said that as a result of subdued inflation and [...]
US central bank, the Federal Reserve, will end its two-day meeting today and are likely to leave interest rate at the record low of 0% and 0.25%. Rates have been at this level since December 2008, as a result of subdued inflation and high unemployment. It has reiterated its policy to maintain low interest rates [...]
Federal Reserve Chairman Ben Bernanke yesterday allayed investor fears after saying the US economy appeared to have enough momentum to avoid a “double-dip” recession. Mr Bernanke also said he believes European leaders are taking the right steps to ensure the survival of the euro. “European leadership is strongly committed to doing whatever is necessary to [...]
Prime Minister David Cameron has today said the Bank of England needs to set interest rates in order to control inflation. UK inflation rose to 3.7% in April – the highest level in 17 months and far exceeding the 2% target. The rise was boosted by food, fuel and clothing price gains. Annual food inflation [...]
Ben Bernanke, the chairman of the US Federal Reserve, has emphasised the importance of central banks to be free of political meddling and to keep their independence. Mr Bernanke believes central banks throughout the world should be able to make key economic decisions about monetary policy without Government interference. His statement comes as some Governments [...]
Data has today revealed a 1.6% surge in US retail sales for March, suggesting that consumers are willing to spend again. In addition, official data revealed that inflation remains subdued with US consumer prices creeping up just 0.1% in March compared with February. On an annual basis, prices were up 2.3% in March compared with [...]
Federal Reserve chairman, Ben Bernanke, issued caution yesterday highlighting the fragile state of the US housing and labour markets. Mr Bernanke of the US central bank said: “We are not out of the woods yet” but did recognise that the economy has emerged from its worst recession in decades. His comments come despite positive data [...]
Chairman of the Federal Reserve Ben Bernanke has today said US interest rates will need to stay low in order to keep the economic recovery on track. In a testimony before Congress, Bernanke said there was a “nascent economic recovery” and said long-term recovery will depend on private sector’s demand for goods and services. Bernanke, [...]
Fifty-six-year old Ben Bernanke has won a second term as chairman of US central bank, the Federal Reserve. The US Senate confirmed the appointment after it voted 77-23 in favour of Bernanke, whose current term ends on Sunday. At the time of his nomination last August, US President Barack Obama said: “Mr Bernanke had helped [...]
The Federal Reserve yesterday opted to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected. The Fed acknowledged that the economy is strengthening and said it will keep rates “exceptionally low” for “an extended period”. Evidence that a recovery is on track came yesterday after official data [...]
US Federal Reserve Chairman Ben Bernanke told a press conference at the Fed’s Washington headquarters yesterday that monetary policy will need to be tightened when the economy recovers in order “to prevent the emergence of an inflation problem down the road.” Following the press conference, many analysts said the Fed chairman is suggesting that the [...]
The US economy has received a further boost after the Commerce Department revealed a rise in housing starts for the month of August. According to the Commerce Department, construction of new US homes rose 1.5% in August to an annual rate of 598,000 properties. The rise was the fastest since November 2008, giving hope that [...]
The Dow Jones index rose today on the back of positive economic data and followed gains seen over the last week. In seven out of the last eight days, the Dow Jones has risen. By mid-session in New York, the index gained 0.6% to 9,737.3 points with European shares rising in response. London’s FTSE 100 [...]
US Federal Reserve chairman, Ben Bernanke, said yesterday: “From a technical perspective, the recession is very likely over.” Mr Bernanke’s comments come one year after the collapse of US bank Lehman Brothers. Speaking at a conference at the Brookings Institution, a think tank based in Washington, Mr Bernanke did caution, however, that due to unemployment [...]
Minutes from the latest Federal Reserve meeting have revealed that policymakers are optimistic that the US downturn is coming to an end. However, the minutes did say that the economy is “likely to recover only slowly during the second half of this year and all saw it as still vulnerable to adverse shocks.” Furthermore, policymakers [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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Fed Chairman comments on unemployment and deficit
Federal Reserve chairman Ben Bernanke has warned that stubbornly high unemployment will remain. Mr Bernanke said the weak labour market means a recovery is not yet “truly established.” His comments come despite the drop in the US unemployment rate last month. Last week, the Labor Department reported the unemployment rate in the US fell from [...]