By Mark Thompson
It's been three years since Greece was granted 110 billion euros in the first of two bailouts by its EU partners and the International Monetary Fund. Harsh austerity measures have driven the economy into the ground since then. Unemployment has soared. More than 6 in 10 young workers are out of a job.
But there may be light at the end of the tunnel. After six years of recession, MOREMay 10, 2013 9:02 AM ET
The Federal Reserve's next policy meeting is a two-day session concluding on June 20. That's just ten days before the Fed's Operation Twist policy -- swapping short-term bonds for ones with longer duration to help keep 10-year and 30-year bond yields low -- expires. Up until recently, few expected the Fed would seriously consider extending Twist.
But what a difference a lousy job report makes. Atlanta Fed president Dennis Lockhart, who MOREPaul R. La Monica - Jun 6, 2012 10:18 AM ET
The United States may be hurtling towards a fiscal cliff at the end of the year. But if the U.S. is Thelma then China is Louise. Despite continued fears about another debt ceiling debacle at the end of this year, China is buying U.S. Treasury debt like it's going out of style ... or like it's Facebook stock.
The Treasury Department released its latest figures on foreign holdings of U.S. debt MOREPaul R. La Monica - May 15, 2012 2:57 PM ET
By now, you have probably heard of the "feud" taking place between Federal Reserve chairman Ben Bernanke and Nobel-prize winning New York Times economic columnist Paul Krugman. And if you haven't, what the heck are you doing reading this blog?
Anyway, here's the lowdown in case you aren't up to speed. Krugman took Bernanke to task in a Sunday NYT magazine piece, criticizing Bernanke for not doing enough to tackle the MOREPaul R. La Monica - Apr 26, 2012 3:27 PM ET
Beyond Big Miss: Wkly earnings down, aggregate payrolls up, PT for econ. reasons WAY down.Returnees working cheap = wage/price disinflation
— Dan Alpert (@DanielAlpert) April 06, 2012
Dan Alpert, a managing partner at Westwood Capital in New York, is one of my favorite sources. He was a life saver on that fateful Sunday night in September 2008 when it seemed the world was ending. He was in the CNN studios doing TV MOREPaul R. La Monica - Apr 6, 2012 3:07 PM ET
Republicans desperately do not want to raise taxes on the über-rich. And Democrats certainly don't want to gut entitlement spending for the nation's most needy. But with the Bush tax cuts and Obama payroll tax cut set to expire at the end of the year, and automatic budget cuts tied to sequestration set to kick in at the beginning of next year, it's clear that Congress has to do something MOREPaul R. La Monica - Mar 22, 2012 9:17 AM ET
The above chart may be setting of some alarm bells at the Federal Reserve.
The Fed doesn't want to raise short-term rates for another two years. But it has also tried to downplay hopes that it will step in and buy more bonds to keep longer-term rates low. QE3? Operation Twist 2? Sterilized bond purchases? Call it whatever you want. It's still stimulus. And while the Fed would probably prefer to MOREPaul R. La Monica - Mar 14, 2012 3:52 PM ET
The Fed didn't surprise anybody Tuesday. Sure, some will note that it's sounding a little more alarmed about inflation. The central bank noted in its statement that "the recent increase in oil and gasoline prices will push up inflation temporarily."
But before you can say "rate hike," the Fed went back to its usual script and said that it "anticipates that subsequently inflation will run at or below the rate that MOREPaul R. La Monica - Mar 13, 2012 2:47 PM ET
I got an e-mail from one of my local liquor stores (is it a problem if I am on the list for more than one wine shop in my neighborhood?) alerting me to the fact that one of my favorite makers of brown liquor, Heaven Hill Distilleries, is now selling election-themed straight bourbon whiskey. (Yes, with an E. This is America! Although they make Whiskey in Ireland too. But I MOREPaul R. La Monica - Mar 9, 2012 4:13 PM ET
The markets are in a more chipper mood Wednesday following the worst drop of the year for stocks a day earlier.
One reason for the enthusiasm? Looks like the private sector hired 216,000 people in February, according to the latest monthly report from payroll processor ADP. That was roughly in line with forecasts.
But investors shouldn't get too excited. The big jobs number from the government comes out on Friday. And the MOREPaul R. La Monica - Mar 7, 2012 3:45 PM ET
Americans are rightfully annoyed about rising gas prices. But politicians are making matters worse. They are fueling (pun intended) the anger by constantly talking about how they will lower gas prices.
Newt Gingrich is the latest, with his promise for $2.50 a gallon gas. President Obama bemoaned the spike in gas prices in a speech Tuesday as well.
I wish whomever is occupying the White House next January good luck in lowering MOREPaul R. La Monica - Mar 6, 2012 2:23 PM ET
Most Federal Reserve speeches are a chore to make it through. And then there's Dallas Federal Reserve president Richard Fisher. I've had a man crush on Fisher for a while because his remarks are often peppered with a refreshing dose of non-wonky references to things like tequila, Washington Irving and Bob Dylan.
I also appreciate the fact that Fisher is a bit of a contrarian. He is an unabashed inflation hawk MOREPaul R. La Monica - Mar 5, 2012 2:21 PM ET
If you've ever been out at a restaurant and have been surprised to see an additional meals tax tacked on to the bill, you are not alone. The Tax Foundation, a nonpartisan research group, just put out a report about the absurdity and complexity (two words never associated with taxes, right?) of some of these local levies.
Among the key findings: Chicago, Jacksonville, Indianapolis, Seattle, Denver and Washington D.C. are among MOREPaul R. La Monica - Mar 2, 2012 10:57 AM ET
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.29%||4.30%|
|15 yr fixed||3.23%||3.29%|
|30 yr refi||4.26%||4.27%|
|15 yr refi||3.20%||3.26%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|