“I don’t anticipate ‘stagflation’ ... anywhere near the situation that prevailed in the 1970s,” the Fed chief told Congress.
The lackluster showing in the GDP, down from a 4.9% increase in the third quarter, was due mainly to drops in residential investment, government spending and inventory investment.
“The economic situation has become distinctly less favorable,” Fed chairman Ben Bernanke told Congress.
The dollar fell to $1.5088 per euro, the lowest since level the European single currency's debut in 1999.
Ted Mathas has been named the firm’s chief executive officer-elect and will succeed Sy Sternberg.
Orders for durable goods fell 5.3% in January, a decrease of $12 billion, according to a report released by the U.S. Department of Commerce.
Standard & Poor’s/Case-Shiller national home-price index fell 8.9% in the fourth quarter from the year-ago period.
Flagging consumer confidence comes as inflation spiked, with prices rising 1% in the past month.
Only 36% of respondents in a survey knew that Medicare eligibility begins at age 65.
They now face up to 230 years each in prison and fines of up to $46 million, according to the Department of Justice.
There is value to annuitization through a single premium immediate annuity, said insurance industry experts.
It's early in the game, but independent advisers appear to be winning the competition to lure retirement assets, according to the management consulting firm McKinsey & Co.
The process could come to a favorable conclusion for the bond insurer early this week.
Legislation is moving forward in the Senate that would allow financial services companies to keep their industrial banks.
Pressure is increasing on the U.S. government and the investment community to address climate change.
The gross domestic product will rise by just 2.9% in 2008, according to economists polled by NABE.
Insurers are stepping up their wholesaler education efforts to help advisers prepare for tougher suitability rules involving the sale of variable annuities.
Aware of the appeal of variable annuity riders, carriers plan to strengthen their offerings while attempting to meet financial advisers' calls for simplicity.
As Wisconsin's insurance commissioner and vice chairman of the Life Insurance and Annuities (A) Committee of the Kansas City, Mo.-based National Association of Insurance Commissioners, Sean Dilweg is focusing on suitability, wholesaler training and curbing VA abuse.
Portfolio volatility and the sequence in which returns are realized play a unique role in portfolios subject to regular retirement withdrawals.
