Federal Reserve Chairman Ben Bernanke said on Wednesday a Republican spending cut plan would not cause a big dent to U.S. economic growth, but could cost around 200,000 jobs.
“When inflation gets started, you don't particularly notice it,” said billionaire investor Warren Buffett on CNBC. “It's like a guy jumping out of a 50-story building. The first 45 stories he doesn't really notice a lot of changes in his circumstances. But eventually, [he hits] the ground.
Federal Reserve Chairman Ben Bernanke said on Wednesday a Republican spending cut plan would not cause a big dent to U.S. economic growth, but could cost around 200,000 jobs.
Billionaire Warren Buffett said the U.S. economy is coming back and does not need more stimulus, despite an uneven recovery that mirrors the fortunes of businesses at his company, Berkshire Hathaway Inc.
Spot gold rallied to a record of $1,432.10 an ounce, surpassing its previous record of $1,430.95 set on December 7, as chaos in Libya and political turmoil in the Arab world prompted safe-haven buying and soaring oil prices boosted bullion's inflation hedge appeal.
John Williams, the San Francisco Federal Reserve Bank's head researcher whose work suggests the Fed's bond-buying has helped restore millions of jobs, will succeed Janet Yellen to lead the regional Fed bank.
The following are highlights from Federal Reserve Chairman Ben Bernanke's testimony to the Senate Banking Committee on Tuesday on the central bank's semi-annual report on U.S. monetary policy.
Manufacturing grew in February at its fastest rate in nearly seven years as companies' willingness to hire improved at the strongest pace in decades.
Concerns that rising oil prices could hurt economic recovery prompted investors on Tuesday to sell stocks and hedge against further declines.
The following are highlights from Federal Reserve Chairman Ben Bernanke's testimony to the Senate Banking Committee on Tuesday on the central bank's semi-annual report on U.S. monetary policy.
The U.S. manufacturing sector grew at its fastest rate since May 2004 in February, while prices paid also rose, the Institute for Supply Management said on Tuesday.
The U.S. manufacturing sector grew at its fastest rate since May 2004 in February, while prices paid also rose, the Institute for Supply Management said on Tuesday.
Gold jumped against a falling Dollar in London trade on Tuesday, touching $1,432.10 per ounce, one dollar above the all-time peak of 7th Dec. Silver marks a fresh all-time high at $34.44/oz, while Western stock markets fell and Brent crude oil rose towards new two-year highs.
Federal Reserve Chairman Ben Bernanke offered a fairly upbeat assessment of the U.S. economy on Tuesday, saying the recent surge in oil prices is unlikely to have a major effect on either growth or inflation, as long as higher prices do not become sustained.
Federal Reserve Chairman Ben Bernanke said both rounds of quantitative easing (QE1 and QE2) are working well, in the question and answer session of his testimony to Congress.
Stocks dropped on Tuesday as investors worried that rising oil prices could choke off the economic recovery, with equities looking to keep taking their lead from oil prices in the near term.
Federal Reserve Chairman Ben Bernanke remains unconcerned about inflation - perhaps rightly so - at a testimony in front of US lawmakers on Tuesday.
“We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold,” said Federal Reserve Chairman Ben Bernanke in a testimony to Congress.
U.S. stocks traded lower on Tuesday as a jump in oil prices renewed fears of hampered economic activity, offsetting a positive reading on manufacturing.
US stocks advanced in early trade on Tuesday, the first trading day of March, after markets recorded third consecutive monthly gains in February.
The recent surge in oil prices is unlikely to have a big impact on the U.S. economy, but could lead to weaker growth and higher inflation if sustained, Federal Reserve Chairman Ben Bernanke said on Tuesday.
U.S. stock index futures pointed to a positive open on Tuesday but gains could be capped by a jump in oil prices as investors awaited testimony from U.S. Federal Reserve Chairman Ben Bernanke.
