AP - The price of a quart of milk, a plane ticket and a host of other products rose in June at nearly the fastest pace in a generation, taking an even bigger-than-expected bite out of the buying power of Americans.
AP - Reports on inflation showed big price increases at the consumer level and the wholesale level for June, driven by higher energy and food costs. -- read full article
AP - Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."
BusinessWeek Online - It's not often that Federal Reserve Chairman Ben Bernanke plays second fiddle when he makes his twice-yearly trip to Capitol Hill to outline his current outlook on monetary policy and the economy. -- read full article
Reuters - Stocks rose on Wednesday as upbeat
quarterly results from Wells Fargo & Co eased concerns
about the impact of the credit crisis on banks, while a fall of
about $4 in oil prices reduced inflation fears and fueled
optimism about consumer spending.
Reuters - Chocolate may be a comfort in
troubled times but even this affordable luxury is feeling the
pinch of slower economic growth in the United States. -- read full article
AFP - Federal Reserve chairman Ben Bernanke said Wednesday that US inflation is "too high" and insisted the central bank was focused on easing the trend.
Reuters - Federal Reserve Chairman Ben
Bernanke told a House of Representatives panel on Wednesday
that fighting inflation is a top priority and acknowledged that
most Americans feel the economy is in recession-like
conditions.
AFP - Ailing mortgage finance firms Fannie Mae and Freddie Mac are "in no danger of failing" but are having trouble raising capital due to falling share prices, Federal Reserve chairman Ben Bernanke said Wednesday.
AP - Worried about rising inflation, Federal Reserve officials at their meeting in June thought the Fed's next move on interest rates was likely to be up.
AP - Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."
Reuters - Inflation accelerated in June to its
fastest rate since the aftermath of Hurricane Katrina in 2005
while workers' earnings slumped, compounding the stagflationary
dilemma facing the Federal Reserve.
Reuters - Wall Street rose off earlier losses in
volatile trade on Tuesday as a big drop in the price of oil
relieved some concerns about the impact of higher fuel costs on
consumer spending and corporate profits and as investors
snapped up beaten-down shares such as banks.
