AP - Construction of single-family homes fell in June to the slowest pace in 17 years although a change in New York laws helped give a big boost to apartment building. -- read full article
Reuters - Housing starts took a surprising
jump in June, the government reported on Thursday, but only
because of a change in New York's building code that briefly
obscured a drop in single-family home building. -- read full article
AP - Treasury prices fell sharply Thursday as upbeat earnings from JPMorgan Chase & Co. and an unexpected jump in housing starts alleviated some of investors' concerns about the credit crisis. -- read full article
Reuters - Stocks rallied more than 2 percent on
Wednesday, powered by the best day for banks in 16 years as
unexpectedly strong results from Wells Fargo & Co relieved
worry about a credit crisis spiraling out of control.
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.
Reuters - Federal Reserve Chairman Ben
Bernanke told a House of Representatives panel on Wednesday the
U.S. economy is going through a "rough time" and urged
lawmakers to approve Treasury Department proposals to back up
mortgage markets.
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. -- read full article
AFP - Federal Reserve chairman Ben Bernanke said Wednesday ailing Fannie Mae and Freddie Mac are "in no danger of failing," helping fuel a big boost in the troubled finance sector as fears of a deeper crisis eased.
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.
