The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion in 2020. The deficits in both years reflected trillions of dollars in government spending to counteract the devastating effects of a global pandemic. The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30, was $360 billion lower than 2020 as a recovering economy boosted revenues, The biggest deficit the federal government recorded had been a shortfall of $1.4 trillion in 2009 during the Obama administration as the government spent heavily to lift the country out of a severe recession following the 2008 financial crisis.
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The Federal Reserve is imposing a sweeping new set of restrictions on the investments its officials can own, a response to questionable recent trades that forced two top Fed officials to resign. The Fed announced Thursday that policymakers and senior staff would be barred from investing in individual stocks and bonds. They would also have to provide 45 days’ advance notice of any trade and receive prior approval from ethics officials. And they would have to hold the investments for at least one year. As a result, Fed officials would essentially be restricted to holding mutual funds.
LONDON, Oct. 21, 2021 /PRNewswire/ -- S&P Global Ratings said today that it has assigned IPB Insurance an ESG Evaluation of 73. The compan…
Mortgage rates are hovering near all-time lows, but that could begin to change. The Federal Reserve is poised to start dialing back monthly bond purchases that have helped keep mortgage rates at ultra-low levels for much of the last 18 months. Economists expect the average rate for a 30-year mortgage to rise from around 3% now to around 4% next year. That would mean less buying power for would-be homebuyers and less attractive options for homeowners seeking to refinance. “The likelihood is that we see higher rates, not lower rates in the months ahead,” says Greg McBride, chief financial analyst for Bankrate.
The head of Germany’s central bank has announced that he will step down after a decade at the helm. A statement Wednesday from the Bundesbank says Jens Weidmann will leave office at the end of the year for personal reasons. National central bank governors have a seat on the European Central Bank’s governing council, and in that position, Weidmann has been the chief skeptic of expansive stimulus policies, such as bond purchases. His voice has been amplified on 25-member governing council because he comes from the largest eurozone economy. Weidmann has tended to urge restraint in measures that involve buying government bonds of member states. He's headed the Frankfurt-based Bundesbank since 2011.
President Joe Biden is entering a crucial two weeks for his ambitious agenda. Biden is racing to conclude contentious congressional negotiations ahead of both domestic deadlines and a chance to showcase his administration’s accomplishments on the world stage. Biden and his fellow Democrats are struggling to bridge intraparty divides by month’s end to pass a bipartisan infrastructure bill and a larger social services package. That goal has been jeopardized by fractures among Democrats, leaving the fate of sweeping climate change promises in peril. There's also rising anxiety within the party in the leadup to a bellwether Virginia gubernatorial contest and looming Senate fights over the federal debt limit and government funding.
NEW YORK, Oct. 18, 2021 /PRNewswire/ -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for Septem…
NEWARK, N.J.--(BUSINESS WIRE)--Oct 18, 2021--
President Joe Biden has signed into law a bill raising the nation’s debt limit until early December, delaying the prospect of an unprecedented federal default that would cause economic disaster. The House passed the $480 billion increase in the country’s borrowing ceiling on Tuesday after the Senate approved it on a party-line vote last week. Senate Republicans had derailed initial Democratic efforts to raise the debt limit, but a handful of Republicans eventually joined Democrats and allowed the bill to come to the floor for a vote. Senate GOP Leader Mitch McConnell has said Republicans will offer no support for another increase in December.
BOSTON--(BUSINESS WIRE)--Oct 13, 2021--