The Federal Reserve has reiterated that it will be “patient” in raising interest rates from record lows even as the US economy moves steadily closer to full health.

The International Monetary Fund has cut its global economic growth forecasts for this year and next, mostly because of slower expansion in India, China, Brazil and other developing nations.

The US Federal Reserve is running out of options to try to boost a slumping economy and lower unemployment.

A warning from Standard & Poor's (S&P) that the agency might lower its rating on US government debt sent American stocks on their steepest slide in a month last night.

US stocks jumped again today following news that CIT had struck a financing deal that will keep the troubled commercial lender out of bankruptcy.