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Oil steady after plunging more than $6 on expectations weak US economy will cut demand -
Summary from United States, from articles in English
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The Labor Department said wholesale inflation, driven by skyrocketing gas and food costs, rose by 9.2 percent for the 12 months ending in June - the fastest pace since the summer of 1981, during another energy crunch. (article 4)
The Fed chief's discussion of energy issues provoked some of the liveliest exchanges of the day as several Democrats and some Republicans suggested that heavy investment in the futures market was artificially driving prices upward. (article 6)
Federal Reserve Chairman Ben Bernanke told Congress today the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps. (article 2)
At the same time , Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks. (article 2)
Over the rest of this year, the economy will grow "appreciably below its trend rate" mostly because of continued weakness in housing markets, high energy prices and tight credit conditions. (article 2)
The Federal Reserve has no more practical room to push interest rates lower; there's only so much taxpayer money for shoring up housing, and if depositors lose confidence there's little officials can do to stop a run on banks. (article 3)
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Other stories about inflation, Prices and growth:
Event tracking:
Story keywords
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inflation, Prices, growth, economy, bank |
Source articles
- FOXNEWS.COM HOME > POLITICS (FOX News, 07/16/2008, 494 words)
- Bernanke notes 'numerous difficulties' for economy - (baltimoresun.com, 07/15/2008, 1045 words)
- Analysis: Leaders running out of economic options (Washington Post, 07/15/2008, 395 words)
- WASHINGTON (AP) _ The U.S. economic downturn gaine... (baltimoresun.com, 07/16/2008, 165 words)
- Bernanke testimony in full (ft.com, 07/15/2008, 2796 words)
- Fed Chief Bleak on Economic Outlook (nytimes.com, 07/16/2008, 500 words)
- Oil steady after plunging more than $6 on expectations weak US economy will cut demand - (baltimoresun.com, 07/16/2008, 186 words)
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blaster@cs.columbia.edu
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