The regulator for Fannie Mae and Freddie Mac, as well as dozens of investors, on Tuesday lodged objections to Bank of America Corp's proposed $8.5 billion mortgage-backed securities settlement.
Bank of America Corp's mortgage practices came under fresh fire as state and federal regulators questioned whether the largest U.S. bank is doing what it must to address perceived harm to homeowners and investors.
The U.S. Federal Reserve could embark on a third round of quantitative easing depending on upcoming economic data but should first confirm that inflation has eased, a senior Fed official said in the Asahi newspaper on Wednesday.
Stocks rose for a third straight day on Tuesday in a volatile session, after minutes from the latest Federal Reserve meeting boosted expectations the U.S. central bank will act again to stimulate the economy.
The U.S. Federal Reserve considered a range of actions to help a struggling economy at its August meeting, including the unprecedented step of tying the interest rate policy outlook to a specific unemployment level.
Fed Chairman Ben Bernanke faced dissent in moving forward with aggressive action in response to the U.S. economic slowdown, released minutes from the board's Aug. 9 meeting reveal. The minutes show some Fed officials discussed a more aggressive effort to tackle the slowdown, including another round of Treasury bond purchases, and shifting Fed holdings into long-term Treasury Securities.
A top Federal Reserve official who dissented from the central bank's move this month to ease monetary policy further signaled he would drop his opposition.
The latest Fed minutes show is that the central bank is well aware that the U.S. economic recovery is underperforming -- it's like a car traveling in the right lane on an interstate highway at 40 miles per hour (barely adequate) -- and it's prepared to take additional action to strengthen the recovery, should the tepid growth conditions continue.
Gold and bonds surged on Tuesday and U.S. stocks rebounded in choppy trade as a recovery in risk appetite among some investors was countered by bearish economic news.
The Federal Reserve considered a range of actions to help a struggling economy at its August meeting, including the unprecedented step of tying the interest rate policy outlook to a specific unemployment level.
Two top Federal Reserve officials diverged on Tuesday on the need for further action by the central bank to stimulate the flagging economic recovery, underscoring the dilemma faced by Fed Chairman Ben Bernanke.
Confidence among consumers plunged in August to its lowest in more than two years following the country's loss of its top credit rating and heart-wrenching drops in major stock indexes.
Chicago Federal Reserve Bank President Charles Evans said on Tuesday he favored strong central bank accommodation for a substantial period of time, as the U.S. economy looks to be moving sideways.
Amid a sluggish U.S. job market, a patch-work recovery in the housing market sector, and now damage from Hurricane Irene, it's understandable if U.S. investors are hesitant regarding deploying new money to the stock market. Where's the Dow Jones Industrial Average headed from here?
Chicago Federal Reserve Bank President Charles Evans said on Tuesday he favored strong central bank accommodation for a substantial period of time, as the U.S. economy looks to be moving sideways.
Shares of many large gold-mining companies rose Tuesday in premarket trading as the price of the yellow metal increased and stock market futures indicated a lower open.
Even PIMCO's Bill Gross makes a wrong call every now and then. Gross, manager of the world's largest bond fund noted for calling the housing bubble early on that burst several years ago, feels like crying in his beer for betting so heavily against U.S. government related debt this year.
Gold rose in U.S. electronic trading early Tuesday, following similar jumps in European and Asian trading from stronger demand for physical gold and uncertainty about the Federal Reserve.
Gold regained strength on Tuesday as bargain hunting resurfaced after prices dropped more than 2 percent in the previous session, but higher equities and easing worries about recession in the United States could limit gains.
Gold edged higher on Tuesday, following its worst weekly performance in two months last week, supported by improving physical demand and some investor uncertainty ahead of minutes from the U.S. Federal Reserve's recent policy meeting.
Gold regained strength Tuesday as bargain hunting resurfaced after prices dropped more than 2 percent in the previous session, but higher equities and easing U.S. recession fears could limit gains.
Hong Kong shares could edge lower at Monday's open, with turnover likely to stay low though U.S. Federal Reserve chairman Ben Bernanke's comments on Friday could boost cyclicals, limiting losses.
