Argentine Default Looms as Seizure of Private Pensions Roils Bonds, Stocks Argentine stocks had their biggest two-day drop since 1990 and dollar bond yields topped 30 percent as a planned takeover of pension funds heightened concern the government is headed for its second default this decade.
New Zealand Cuts Benchmark Interest Rate a Record 100 Basis Points to 6.5% New Zealand's central bank cut its benchmark interest rate by a record 1 percentage point to 6.5 percent and foreshadowed further reductions to limit damage from the worldwide financial crisis and a slump in the global economy.
Hungary Increases Key Rate to 11.5% in Emergency Measure to Defend Forint Hungary raised its benchmark interest rate by 3 percentage points, the biggest increase in five years, signaling that its currency's defense was the biggest priority even at the expense of economic growth.
Federal Reserve to Raise Interest Rate It Pays on Banks' Reserve Balances The Federal Reserve will raise the interest rate it pays banks for the excess cash they keep on deposit so it can keep pumping funds into the financial system without affecting the central bank's monetary policy.
King Says Bank of England Will Act `Promptly' as Recession Seems Likely Bank of England Governor Mervyn King said Britain's worst banking crisis since World War I is likely to push the economy into a recession, requiring policy makers to act ``promptly'' to prevent inflation from slowing too much.
New Home Sales in U.S. Will Decline by 12% Next Year, Mortgage Bankers Say U.S. new-home sales will fall 12 percent next year as housing starts drop by a record, Mortgage Bankers Association Chief Economist Jay Brinkmann said.
South Korean Economy Probably Slowed, Stoking Concern of Looming Recession South Korea's economy probably grew at the weakest pace in four years last quarter, stoking concern a recession is looming as consumers cut spending and the global downturn erodes export demand.
World Leaders Differ on Financial Crisis's Cure as November Summit Planned World leaders, facing financial markets in turmoil and the possibility of global recession, will discuss ways to fix the crisis at a summit meeting in Washington next month.
Paulson Plans to Buy Mortgages, Use `Leverage' to Aid Struggling Borrowers Treasury Secretary Henry Paulson aims to intensify efforts to stem record mortgage foreclosures, using part of the government's $700 billion financial-rescue fund to purchase home loans.
Barney Frank Wields Bailout Clout to Restrain Private Equity, Hedge Funds U.S. Representative Barney Frank is walking through Statuary Hall in the Capitol, a portrait of rumples and wrinkles. His left shirttail hangs out over his belt. Reporters and photographers are hounding him. Cameras are whirring. Questions are being shouted.
Bank of England Voted Unanimously for Emergency Rate Cut: Table of the Day The following table details the changes in the Bank of England's benchmark interest rate.
Depression on the way - A few weeks ago, I mentioned that the central banks had put up collectively $3 trillion worth of stimulus/backing to financial markets. I also noticed that the big bailouts had about only a one day boost to the financial markets till they did a thumbs down. 