Ben Bernanke

(Update) The FTSE opened more than 40 points lower on Friday as US Federal Reserve chairman Ben Bernanke gears up to deliver a key speech on the ailing US economy.

Update (1:07pm): The FTSE briefly joined the bear-market club on Tuesday before regaining most of the day's losses as global markets continue to experience extreme volatility.

The Federal Reserve chairman Ben Bernanke has ramped up pressure on Congress to agree on its debt ceiling level, in light of rating agencies S&P's and Moody's threats to cut the US' AAA debt rating.

Ratings agency Moody's has said it may cut the US AAA debt rating, citing the "rising possibility" the US will default on its debt obligations.

Veteran investor Jim Rogers has warned the US is nearing a financial crisis which will be worse than 2008, unless the government initiates draconian cuts.

Federal Reserve chairman Ben Bernanke has warned of a Lehman-style meltdown if the US Congress uses the national debt limit as a "bargaining chip".

Asian markets rallied overnight after the Federal Reserve indicated it will not hike interest rates.

The Federal Reserve last night cut its growth forecast for the US and warned inflation is higher than expected, while hinting QE2 is on track to finish in June as planned.

The soaring oil price poses a threat to the US economic recovery if price hikes are sustained, warns Federal Reserve chief Ben Bernanke.

Federal Reserve chairman Ben Bernanke has defended a decision to introduce a second round of quantitative easing, arguing it will not lead to a spike in inflation.