Bernanke Floats Bigger Fed Role
![[Image]](http://s.wsj.net/public/resources/images/OB-BU238_bernan_20080708085218.jpg) | | Associated Press
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Bernanke outlined sweeping measures designed to shore up mortgage lending. The proposals may give the central bank broader authority and extend its emergency credit facility program for Wall Street banks. ( Text of speech)
Democrats Discuss Second StimulusSen. Reid said he had spoken to the Democratic leadership in the House about a second economic-stimulus package, in another attempt to bring the country out of what increasingly seems to be a severe economic downturn.
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COMMODITIES
Oil Sheds More Than $5 a BarrelCrude-oil futures dropped for a second consecutive session, as investors confronted with tumult in many markets took profits off last week's all-time highs.
G-8 Backs Greenhouse-Gas CutsThe Group of Eight officially endorsed a goal of halving greenhouse-gas emissions by 2050 and promised "ambitious" cuts over the next decade or two. But they also urged fast-growing emerging economies to pledge their own meaningful reductions. ( Statement)
Dimon Says Serious Issues RemainJ.P. Morgan chief Dimon said the U.S. and its economy are being hampered by an "institutional sclerosis" that prevents policy makers and the private sector from dealing with the "very serious issues" they face.
Asian Oil Demand Shows Signs of EasingSome Asian consumers are curbing their use of oil to save money amid high prices, raising hopes for a moderation in the region's demand growth.
Beijing's Cooldown Likely to Be Short-LivedBeijing may see higher vacancy rates and lower rents and sale prices in the months immediately after the Olympics, but property agents expect spaces to be filled eventually because Beijing remains a key city for doing business in China.
Pending-Home Sales Index SlipsA forecasting gauge of home sales resumed falling in May, suggesting the housing market is still searching for the bottom.
Slovakia to Adopt Euro Next YearThe European Union agreed to let Slovakia adopt the euro as of Jan. 1, 2009, hailing the step as proof of the "great success" of European monetary union.
Fed, SEC Reach Information PactThe Fed's reach over brokerage firms could expand under a pact with the SEC aimed at filling gaps in oversight.
Spain Faces Recession![[go to article]](http://s.wsj.net/public/resources/images/it_hourglass-economic06292005183453.gif)
Spain's economy faces recession in the second half, business leaders said, possibly depriving the euro zone of a principal engine for job creation and economic growth.
U.K. Expected to Hold Key Rate SteadyThe Bank of England's Monetary Policy Committee is likely to keep its key rate on hold at 5% as it battles to keep inflation under control.
ECB Rate Rise Focuses on WagesThe European Central Bank's decision to raise its key interest rate was a signal to wage negotiators that it will keep inflation under control, Luxembourg Finance Minister and Prime Minister Jean-Claude Juncker said.
Basmati's Price Jumps on Rising DemandThe price for basmati rice has soared, but the increase has nothing to do with commodity investors or poor weather conditions pushing up other rice prices. Rather, it is surging demand from the Middle East and India's middle class.
Manufacturing Data Add to BOE DilemmaU.K. manufacturing output and industrial production slumped in May amid broad-based falls across the sector, adding to pressure on the Bank of England to cut interest rates again this year.
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Jul 8,
1:38 pm Federal Reserve Bank of Richmond President Jeffrey Lacker on Tuesday warned against waiting too long to raise interest rates in the face of receding downside growth risks.
Lacker
In response to questions following a speech to the National Economists Club, Lacker said it is “tempting” for policymakers to wait until there is a “fair amount” of [...] Jul 8,
1:35 pm Interest rates on many loans to euro-zone firms and consumers rose in May, showing money-market tensions were extracting a real-economy toll even before the ECB officially signaled its intention to hike its key rate.
The ECB raised its key rate last week, its first move since last summer, to 4.25%. ECB president Jean-Claude Trichet flagged [...]  Daily analysis of the business of the environment by The Wall Street Journal.
 The Developments blog offers daily headlines, analysis and insight into the housing market.
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Economic Forecasting Survey ![[open interactive graphic]](http://s.wsj.net/public/resources/images/OB-BT563_decofo_20080702181219.jpg)
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![[Video]](http://s.wsj.net/public/resources/images/it_smvideobullet10192007123051.gif){kind=small}
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