The groundwork for preventing a U.S. Treasury default from causing a cataclysmic breakdown of the plumbing of the global financial system was laid after the last debt-ceiling crisis in 2011 -- and is still a work in progress.
Federal Reserve Vice Chairman Janet Yellen is the most qualified and most likely candidate to run the central bank, according to the majority of private economists in a Bloomberg News survey that showed Lawrence Summers trailing by wide margins in both categories.
Lincoln National Corp. , the insurer that took a U.S. bailout, plans to sell notes as Moody’s Investors Service said it expects relative yields on corporate bonds to fall as corporate earnings grow and defaults decline.
Stephen Stanley, chief economist at Pierpont Securities LLC, has derided the Federal Reserve for downplaying improvement in the U.S. economy. Yet his 2.6 percent forecast for growth this year is below the midpoint in the central bank’s projection of 2.4 percent to 2.9 percent.
The 23 people who penned the missive to Federal Reserve Chairman Ben S. Bernanke this week telling him to arrest his expansion of monetary stimulus have something in common: They’ve never been in his position.