Fed: Credit Crunch Effects Limited
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WASHINGTON -- A painful credit crunch is taking its worst toll on the already ailing housing market, while its impact on the rest of the national economy at least so far seems limited, the Federal Reserve reported Wednesday.
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Fed policymakers meeting in early August acknowledged that they might have to act to ease a credit crunch, even as they hoped for 'âa return to more normal market conditionsâ' without an intervention.
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WASHINGTON -- Federal Reserve policymakers meeting in early August recognized that a spreading credit crunch could pose a danger to the country's economic health and that they might have to take action eventually.
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Ben S. Bernanke said the Federal Reserve was âprepared to act as neededâ but suggested developing a wider range of mortgages for borrowers hit by the housing slump and credit crunch.
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WASHINGTON -- Federal Reserve Chairman Ben Bernanke said Tuesday that risks from inflation or a worse-than-expected housing slump could further complicate things for an economy that already is in slowdown mode.
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The Federal Reserve will do whatever is necessary to prevent damage to the economy from the credit crunch that has gripped Wall Street, a Fed official said Monday, warning it will take time for financial markets to fully recover from the strains.
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Financial market turbulence has noticeably hurt housing activity across the United States in recent weeks, but has had little effect on other sectors of the economy so far, the Federal Reserve said on Wednesday.
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Financial market turbulence leading to tighter mortgage lending standards noticeably hurt housing activity in most Federal Reserve districts in recent weeks, adding uncertainty about the recovery of the downtrodden housing sector, the Fed said on Wednesday.
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The subprime mortgage debt crisis will have little impact on the U.S. or Asian economies because that loan market is relatively small and would not create a ripple effect, Moody's Investors Service said on Wednesday.
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The US home loan crisis will cause just a modest slowdown of the American economy and have a limited impact on the rest of the world, the International Monetary Fund&#39;s chief economist said Wednesday.
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While lower rates are always a positive for banks, the effects of the Fedâs cuts may not prompt an immediate rebound in profits at many banks.
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Banks in the United States have been  quietly borrowing "massive amounts" from the U.S. Federal  Reserve in recent weeks, using a new measure the Fed introduced  two months ago to help ease the credit crunch, according to a  report on the web site of The Financial Times.
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The UK remains vulnerable to further shocks from the credit crunch, the Bank of England warns.
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The global credit crunch, created by uncertainty about the size of losses in the U.S. mortgage market, will curb euro zone economic growth in coming quarters, the European Commission said.
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Federal Reserve Chairman Ben Bernanke said Tuesday that risks from inflation or a worse-than-expected housing slump could further complicate things for an economy that already is in slowdown mode.
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ASHINGTON, Sept. 10 (Bloomberg News) â Consumers borrowed less in July than in June, the Federal Reserve reported on Monday.
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The Bank of England says the room for further rate cuts is limited as it predicts slower growth and rising inflation.