President Barack Obama defended the tax-cut deal he reached with Republican leaders as a pragmatic compromise grounded in the realities of families who otherwise could have seen their taxes rise or jobless benefits halted.
The U.S. will borrow less money this year than at any time since 2008, validating the nation’s decision to go deeper into debt to combat the financial crisis as faster growth shrinks the deficit, Wall Street’s biggest bond dealers say.
Housing starts in the U.S. probably fell in April from an almost five-year high, indicating a pause in the industry’s progress as builders slowed work on apartment buildings, economists said before a report today.
Treasuries fell, pushing the 10-year yield up from almost a two-month low, before the Federal Reserve begins a two-day meeting tomorrow and the U.S. sells $111 billion of notes and floating-rate debt this week.
Factories turned out more cars, appliances and home furnishings in August, propelling the biggest increase in U.S. industrial production in six months and indicating manufacturing will contribute more to the expansion.