Congressional Budget Office News
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The Treasury Department announced further steps to keep funding the government without going over the nation’s debt limit, amid a stalemate between Congress and the Obama administration on approving an increase in the ceiling.
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Treasury 10-year note yields traded at almost a two-month high before Federal Reserve Chairman Ben S. Bernanke discusses the economic outlook in congressional testimony this week.
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Federal Reserve policy makers say they want to avoid a sudden increase in interest rates when the time comes to start unwinding record monetary easing. A shrinking federal budget deficit is likely to help them meet that goal.
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The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.
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Gold and silver futures rebounded after Moody’s Investors Service said U.S. policy makers must address debt woes to avoid a credit-rating downgrade this year, boosting the appeal of the metals as a haven.
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U.S. policy makers must address debt loads projected to rise later this decade to avoid a 2013 downgrade, even as the latest budget projections are “credit positive,” according to Moody’s Investors Service.
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Treasuries fell in the longest losing streak this year as the economy showed more signs of strength, prompting speculation the Federal Reserve may start to slow the pace of its monetary stimulus.
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President Barack Obama’s 2014 budget proposes cutting projected deficits by $1.15 trillion over the next decade with the savings overwhelmingly coming from tax increases, according to a new report.
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Treasuries declined after a measure of consumer confidence in May reached an almost six-year high and an index of leading economic indicators topped forecasts, as Federal Reserve officials debate the pace of asset purchases.
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Modern fiscal conservatism has wrapped itself in one whopper of a false choice: That the U.S. must decide between economic growth and the welfare state.
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