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President Bush and Treasury Secretary Henry Paulson on Friday outlined a series of far-reaching steps – likely to cost hundreds of billions of dollars – aimed at stemming a widening financial crisis that is roiling the financial markets and undermining confidence in the banking system. “We must act now to protect our nation’s economic health [...]

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  While the Federal Reserve had been tipped to leave rates on hold, analysts said a cut looked more likely after Lehman Brothers filed for bankruptcy. The Fed has sought to soothe nerves and earlier injected $70bn  into markets to boost liquidity. Central banks worldwide have faced the twin threat of quickening inflation and a [...]

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  After six years of steady decline, the U.S. currency is on a major upswing, fueled by fears of a global recession and a meltdown in financial markets. The New York dollar index, a measure of the dollar’s value against the currencies of major trading partners, is up 14% off an all-time low set in [...]

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