Banks and other lenders across the US have been tightening their credit standards and not just on mortgage loans.
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Govenor Frederic Mishkin spoke today at the Tuck Global Capital Markets Conference regarding recent financial disruptions.
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At a meeting with Congress this morning Ben Bernanke stated that the economic outlook has once again deteriorated and signaled that the central bank is ready to keep lowering rates as needed to combat economic deterioration.
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Patrick M Parkinson, the Deputty Director for the Division of Research and Statistics, spoke today regarding the problems that bond insurance companies are facing.
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Ben Bernanke spoke today at the Committee on Banking, Housing, and Urban Affairs regarding the economy.
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Sandra Braunstein spoke today at the Committee on Financial Services regarding challenges facing Community Reinvestment programs.
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At 2:15 PM today the Federal Reserve is expected to drop rates by a half of a point as part of an ongoing effort to combat the effects of the housing slump and credit crunch on the economy.
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The gross domestic product, which measures total goods and services output within US borders, hit a weaker than expected five year low of .6% in the fourth quarter of 2007.
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Wall Street is now speculating that the Federal Reserve will lower interest rates another .75 percent next week on the 30th.
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President Bush and congressional leaders agreed today on a $150 billion package of tax rebates and business incentives designed to combat threats of a recession.