federal reserve

AP - GMAC Financial Services has applied to the Federal Reserve to become a bank holding company, which would allow General Motors' financing arm to be eligible for aid under the Treasury's $700 billion bank rescue plan.

AP - The Federal Reserve on Wednesday sharply lowered its projections for economic activity this year and next, and signaled that additional interest rate reductions may be needed to help combat the worst financial crisis to jolt the country in more than a half-century.

US Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke defend the $700bn bank bail-out plan.

Industrial production grew in October, after September produced the worst dropoff in factory output in 62 years, according to a report released Monday by the Federal Reserve.

US Federal Reserve chief Ben Bernanke says that the world's central banks are ready to take further action to ease credit market

Financial institutions borrowed a bit less from the Federal Reserve for the second-straight week, according to a report released Thursday.

The dollar fell against the euro Friday after a dismal unemployment report increased the likelihood that the Federal Reserve would cut its key interest rate to 0.5% in order to bolster the economy.

The Federal Reserve continued its massive lending efforts to business in the past week, pumping $100 billion more into the credit stream through a new short-term funding program.

Despite a nearly $150 billion Federal Reserve effort to boost the critical business lending market, early indications show the central bank's program has not yet encouraged investors to buy up corporate debt.

Federal Reserve Chairman Ben Bernanke said Friday that the federal government will need to continue to play a role in the future of the mortgage financing market.