The Federal Reserve cited an "exceptionally weak" housing market and concerns that this summer's credit crunch could lead to a pullback in both consumer and corporate spending as reasons behind its decision to cut interest rates by a half of a percentage point on Sept. 18, according to minutes from the meeting released Tuesday
Retailers are slashing prices to try to jumpstart holiday sales, but many Americans plan to wait until after Thanksgiving to buy gifts, according to a new survey by market research firm NPD Group.
The heat on U.S. mortgage lenders and servicers was turned up a few degrees this week when the country's chief bank regulator publicly proposed that they permanently freeze interest rates on subprime adjustable-rate mortgages (ARMs) for many homeowners.
