Fed chief says housing slump will be ‘significant drag’ on economy

first_img“However, it remains too early to assess the extent to which household and business spending will be affected by the weakness in housing and the tightening in credit conditions,” he added. Spending by businesses and individuals is an important ingredient to keeping the economic expansion – which began in late 2001 – from fizzling out. Developments affecting the job market and income growth also will be watched closely. “The labor market has shown some signs of cooling, but these are quite tentative so far, and real income is still growing at a solid pace,” Bernanke observed. The benefits of a mostly sturdy employment climate have helped cushion some of the negative effects that the housing slump, weaker home values and a credit crunch have had on consumers. Job creation rebounded in September, with employers boosting payrolls by 110,000, the most in four months. Wages grew solidly. The unemployment rate did creep up to 4.7 percent last month but that rate is still considered low by historical standards. On the inflation front, Bernanke noted that the prices of crude oil and other commodities have been rising and that the value of the dollar has weakened. Oil prices galloped to a record high of $86.13 a barrel Monday. Bernanke said the Fed will continue to monitor inflation developments carefully. Yet, with the limited information seen since the central bank’s September meeting, the inflation barometers “are consistent with continued moderate increases in consumer prices,” he said.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! WASHINGTON – A deepening housing slump probably will be a “significant drag” on economic growth into next year and it will take time for Wall Street to fully recover from a painful credit crisis, Federal Reserve Chairman Ben Bernanke warned Monday. Bernanke once again pledged to “act as needed” to help financial markets – which have suffered through several months of turbulence – function smoothly and to keep the economy and inflation on an even keel. “Conditions in financial markets have shown some improvement since the worst of the storm in mid-August, but a full recovery of market functioning is likely to take time, and we may well see some setbacks,” Bernanke said in a speech to the New York Economic Club. A copy of his remarks was made available in Washington. It was Bernanke’s most extensive assessment of the country’s current economic situation since the August turmoil unhinged Wall Street. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.The ultimate implications of the credit crunch on the broader economy remain uncertain, the Fed chief said. Against that backdrop, Bernanke said the central bank will be closely watching the economy’s vital signs. He didn’t specifically commit to cutting rates again. Economists have mixed opinions on whether the Fed will lower interest rates at its next meeting, Oct. 30-31. To help cushion the economy from the ill effects of the credit crunch and housing slump, the Fed on Sept. 18 slashed a key short-term interest rate by one-half percentage point – to 4.75 percent. It marked the first rate cut in more than four years. It also reflected the most aggressive action taken by the Fed to curb fallout from the credit crisis, which intensified in August. Since that September meeting, the housing slump – the worst in 16 years – has gotten deeper, Bernanke said. “The further contraction in housing is likely to be a significant drag on growth in the current quarter and through early next year,” he said. last_img read more


first_imgOne of the highlights of the Earagail Arts festival is Imaginarium, presented by landscape theatre company LUXe.It’s all-weather, post-modern, mixed-media, multi-spiritual, performance art.This processional spectacle involves walking over uneven ground at night and invites strangers to gather together to make an illuminated journey though the starry Imaginarium in search of celebration. Participants should dress for the weather and bring their lantern, water boots and refreshments to share – from wine to cake, tea, biscuits or whatever takes their fancy for a feast under the starry sky.Lantern making workshops will take place prior to the event in selected locations and places can be booked via the website www.eaf.ie.Car-sharing is encouraged as parking for this celebration is limited by ticket. Imaginarium takes place in Ards Forest Park, Creeslough, Co, Donegal on Saturday, 26th July.Gates open at 9pm with the show due to start before 10pm. Tickets cost €20 per car. For full details on the Earagail Arts programme visit www.eaf.ie. Earagail Arts Festival is funded by The Arts Council of Ireland, Fáilte Ireland and Donegal County Council.EARAGAIL ARTS FESTIVAL PRESENTS THE FANTASTIC ‘IMAGINARIUM’ was last modified: July 3rd, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:BusinessEntertainmentFeaturesnewslast_img read more

WATCH: Leicester and Arsenal starlets combine for fantastic Under-21s goal

first_img Chuba Akpom, Demarai Gray and Jordon Ibe England Under-21s managed to secure a 1-1 draw with their Swiss counterparts on Saturday evening.The Young Lions took the lead early in the second half, but they had to settle for a draw after Florian Kamberi levelled 15 minutes from time.Liverpool’s Jordon Ibe was sent off in second half injury time, but England could hold on to keep their lead at the top of their group to three points.Demarai Gray was the star of the show, with the Leicester City youngster constantly terrorising the Swiss defence.It was the 19-year-old who played a key role in opening the scoring for Gareth Southgate’s men, as he completed an exceptional dribble down the right wing, sending in a cross for Chuba Akpom of Arsenal to convert with ease.You can watch Gray and Akpom combine for England’s goal against Switzerland below… 1last_img read more

Javier Hernandez: ‘I didn’t have the chance’ at Man Utd or Real

first_imgBayer Leverkusen striker Javier Hernandez believes he would ‘probably have been the star’ at former clubs Manchester United and Real Madrid if he was given the chance.Hernandez was with United for five years up to last summer and scored 37 goals in 103 Premier League games – 49 starts and 54 substitute appearances.He spent 2014-15 on loan at Real and was rarely a starter for them, getting only seven Primera Division run-outs as part of the first XI and 16 from the bench, netting seven times.Since joining Leverkusen in August the 28-year-old Mexico international has started in all but three of his 28 Bundesliga appearances and scored 17 goals.He told FourFourTwo: “If I had more chances at United or Real, I’d probably have been ‘the star’ there as well – we’ll never know.“I didn’t have the chance. I never had the chance to play 20 games in a row so people could say, ‘He’s a good player who should stay’ or, ‘He can’t be the star – he’s not a good player’.“Ask the United fans. The numbers are there. The difference is that Leverkusen want me on the pitch. The others didn’t.” Javier Hernandez left Old Trafford permanently in 2015 1last_img read more

England vs Wales: Euro 2016 live stream commentary for 2pm kick-off

first_imgAll of England’s players trained ahead of the game, while Welsh supporters will be pleased to see Chris Coleman starting Joe Ledley and Hal Robson-Kanu.CONFIRMED ENGLAND LINE-UP: Hart; Walker, Smalling, Cahill, Rose; Alli, Dier, Rooney; Lallana. Kane, SterlingCONFIRMED WALES LINE-UP: Hennessey; Chester, A Williams, Davies, Gunter; Ledley, Allen, Taylor; Bale, Ramsey, Robson-KanuListen live, via talkSPORT.com, on radio (1053 or 1089AM, and DAB), on your television or through our app.READ: COMBINED ENGLAND AND WALES XI England v Wales is live on talkSPORT at 2pm England v Wales is live on talkSPORT at 2pm (BST) on Thursday, 16 June. Click here for live commentary from Lens.It’s the big one as far as fans are concerned.England v Wales is the game people in Britain have been waiting for and the pressure is all on England if you believe the boys in Wales’ camp.Gareth Bale and co. have been doing their best to ensure focus is on Roy Hodgson’s team, but on the pitch Wales have not beaten the Three Lions since 1984 and in the four games since, they’ve not been able to score. 2 2last_img read more

Harry Redknapp tells talkSPORT he has met FA chief Dan Ashworth for talks

first_imgHarry Redknapp has confirmed he has held talks with Dan Ashworth as the Football Association step up their search for a new England manager.FA technical director Ashworth is part of a three-man panel, along with Martin Glenn and David Gill, tasked with selecting Roy Hodgson’s successor.Redknapp, tipped as a potential candidate for the role, does not expect to have any involvement in the new set-up, but he has been sought out for his opinion.Speaking on the Alan Brazil Sports Breakfast, the former Tottenham, QPR and West Ham boss said: “I did have a meeting with Dan Ashworth.“We had a coffee and a chat. It was generally about football. I enjoyed it. I had a good meeting with him, it was interesting.”Sam Allardyce is the current frontrunner to succeed Hodgson, who quit after overseeing a disastrous Euro 2016 campaign.The Sunderland boss left the club’s pre-season training camp in Austria earlier this week to hold talks over the job.Redknapp had pushed Glenn Hoddle forward for a second spell as Three Lions boss last month, but he believes Big Sam would be a good choice by the FA if he does get it.“I was in Glenn’s camp… but I will be delighted if Sam gets it,” he insisted.“Sam is a good man. He has plenty of knowledge, he will have plenty of enthusiasm for the job, so I will have no problems if Sam gets the job.“I want an English manager, that is important to me. I want to see one of the English boys get it.“It will be interesting if Sam gets the job who they put alongside him. I am sure they will want to bring in a young guy as a manager for the future. That seems to be the plan. It will be interesting who they select, if Sam gets the job, to work with him.”last_img read more

DONE DEAL! Middlesbrough sign former Manchester City star on season-long loan

first_img Alvaro Negredo in action for Valencia 1 Middlesbrough have agreed a deal to sign Alvaro Negredo from Valencia on a season-long loan.The 30-year-old has already linked up with Aitor Karanka’s squad in Marbella at their pre-season training camp, although the Premier League new boys are still waiting on paperwork to ratify the deal.Negredo has previous Premier League experience, having been a member of the Manchester City side which won the title in 2014.The Spain international, part of the European Championship-winning squad in 2012, scored nine goals in 32 top-flight appearances for City but departed after just a season to return to his homeland.He has spent the past two years with Valencia and has scored ten goals in 55 LaLiga appearances.Negredo is the eighth signing made by Boro since they sealed promotion back to the Premier League.Viktor Fischer, Victor Valdes, Antonio Barragan, Marten de Roon, Gaston Ramirez, Bernardo Espinosa and Jordan McGhee have also joined the club this summer.last_img read more

NBA roundup: Knicks go three overtimes to set Suns

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECoach Doc Rivers a “fan” from way back of Jazz’s Jordan Clarkson at Denver 120, Boston 110 Kenyon Martin scored 24 points and Carmelo Anthony added 23 to lead the Nuggets snap a three-game skid. Andre Miller had 20 points and 14 assists that helped Denver win at the Pepsi Center for the first time since Dec. 23. Milwaukee 93, at Chicago 92 at New York 140, Phoenix 133 Michael Redd scored 17 of his 29 points in the third quarter and Mo Williams added 13 points and nine assists as the Bucks dealt the Bulls their seventh straight loss. Ben Gordon scored 28 points for Chicago. New Orleans 103, Charlotte 86 Chris Paul scored 24 points and had 11 assists and David West took advantage of the Bobcats’ depleted front line to score 20 points in the Hornets’ win in Oklahoma City. at Indiana 115, Seattle 96 Fred Jones scored 26 points and Stephen Jackson added 22 to help the Pacers snap a four-game losing streak. Jones made 10 of 16 field goals to lead Indiana to its highest-scoring total of the season. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!center_img (3 OT) Stephon Marbury scored 32 points, including seven in the third overtime, and added 10 assists against his former team as the Knicks needed to play a triple-overtime game for the first time in 13 years to avoid taking sole possession of the NBA’s worst record. last_img read more

NFL: Alexander runs away with MVP

first_img Still, Alexander talked plenty about it after being told he earned 19 votes from a nationwide panel of 50 sports writers and broadcasters who cover the NFL. He ended the two-year reign of Indianapolis quarterback Peyton Manning, who received 13 votes. “You never know how voting goes, so you can’t get caught up in that,” he said. “But everyone wants to put themselves in a position where you can say you are one of those top players. And that’s how you get to the Super Bowl. And that’s how you win 13 games. That was our goal.” “Expensive phone call,” Mora said. “Consider that a lesson learned.” Vikes pick Childress The Vikings have selected Philadelphia Eagles offensive coordinator Brad Childress to be their next head coach, according to two persons with knowledge of the coaching search. Childress confirmed contract negotiations were ongoing Thursday night at a Minneapolis hotel. The Vikings are expected to hold a news conference this morning at Winter Park. The Houston Texans are looking inside and outside the organization to find a replacement for fired coach Dom Capers. They met with one of each: receivers coach Kippy Brown and Kansas City offensive coordinator Al Saunders. Jim Bates, the Packers’ current defensive coordinator, will interview with general manager Ted Thompson next week for the head coaching job. Viking in court Minnesota Vikings running back Moe Williams pleaded not guilty to charges stemming from a bawdy boat party. Williams’ attorney, Joe Friedberg, said he entered the plea in Hennepin County District Court. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Levy back Marv Levy is back in football and feels like a newcomer. Referring to himself as “an 80-year-old rookie,” the Hall of Fame coach returned to the Buffalo Bills franchise he led to an unprecedented four straight Super Bowl appearances in the 1990s, eagerly accepting the position of GM. Wrong call Atlanta Falcons coach Jim Mora was contrite after the NFL fined him $25,000 for using a cell phone on the sidelines during an overtime loss at Tampa Bay two weeks ago. center_img Shaun Alexander was getting tired of having golfing partner Marshall Faulk remind him who owned an Associated Press NFL Most Valuable Player award. So Alexander went out and got himself one in record-breaking style. Alexander set an NFL mark with 28 touchdowns, led the league in rushing and ran away with the MVP voting Thursday. And with free agency on the horizon, the Seattle running back could parlay his sensational year into unprecedented riches. “Marsh and I go golfing and he will talk about MVPs and this and that as he drops another putt in,” Alexander said. “It is one of those things where I think it is more for the writers and media until after you retire. When you retire, that is when guys seem like they talk about it a little bit more.” last_img read more