Search / 24 results found

from
to
  • Updated

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.

  • Updated

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.

  • Updated

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.