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CBO warns of US falling off 'fiscal cliff'
22 May 2012 at 3:07pm
A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.

OECD warns eurozone crisis stunting global recovery
22 May 2012 at 2:42pm

Europe came under mounting pressure Tuesday to take action to boost growth as the OECD warned that the eurozone crisis has worsened and poses the greatest risk to a recovery for the global economy.

ECONOMIC SUMMIT: The leaders of the 27 countries that make up the European Union are gathering in Brussels to try and find a way to contain the debt crisis in Europe.

(Reuters) - Wells Fargo & Co on Tuesday increased its goals for returns on assets and shareholder payouts while executives pledged to carefully manage risk throughout the company's sweeping operations. The fourth-largest U.S. bank by assets is aiming for a return on assets of 1.3 to 1.6 percent, depending on the economic and regulatory environment, Chief Financial Officer Tim Sloan said at the beginning of an investor day for analysts in New York. The San Francisco-based bank has emerged from the financial crisis as one of the strongest U.S. ...

LONDON (Reuters) - Inflation fell to its lowest in more than two years in April, raising the prospect that the Bank of England will be able to inject more stimulus later this year to support the economy. The Office for National Statistics said consumer price inflation eased to 3.0 percent in April from 3.5 percent in March, freeing BoE Governor Mervyn King from the obligation to write an explanatory letter to finance minister George Osborne. ...

NEW YORK (Reuters) - Oil prices fell on Tuesday as signs of a deal between the U.N. nuclear watchdog and Iran on Tehran's nuclear program eased fears of oil supply disruptions, while the euro zone debt crisis continued to threaten economic growth. International Atomic Energy Agency (IAEA) Director General Yukiya Amano said he expected to sign a deal with Iran soon to boost cooperation with the investigation into Tehran's nuclear activity, although differences remained. ...

Just as investors were getting used to a steady diet of worrying news about the global economy, along came an encouraging report on the housing market.

GRIM WARNING: The 17-country eurozone risks falling into a "severe recession," the Organization for Economic Cooperation and Development warned as it called on governments and Europe's central bank to keep the slowdown from dragging down the global economy.

WASHINGTON (Reuters) - The pace of sales for existing homes in April rose to its fastest in nearly two years and a falloff in foreclosures helped cause an unexpected jump in prices, hopeful signs for the country's economic recovery. Home resales increased 3.4 percent to an annual rate of 4.62 million units last month, the National Association of Realtors said on Tuesday. Housing has been one of the economy's weakest links as it recovers from the 2007-09 recession, but many economists think the sector will actually add to economic growth in 2012 for the first time since 2005. ...

ABUJA (Reuters) - Nigeria's central bank kept its policy rate on hold at 12 percent on Tuesday for the fourth time in a row, saying the worrying trend of slowing economic growth countered largely expected higher inflation. Central bank governor Lamido Sanusi said the bank was concerned about a slowdown in global economic activity and lower crude oil prices and domestic oil output, which meant Nigeria was facing a potentially sustained decline in its previously surging growth rates. ...