Janet Yellen, nominated to be the next chairman of the Federal Reserve, signaled she will carry on the central bank’s unprecedented stimulus until she sees improvement in an economy that’s operating well below potential.
The Treasury Department emerged from the fiscal fight in Congress with tools intact that will allow the U.S. to stay under the debt limit for a month or more after the ceiling is reinstated Feb. 7, budget analysts said.
When Treasury Secretary Jacob J. Lew told the Senate Finance Committee last week that the Obama administration would never bargain over raising the nation’s debt limit, it was a declaration the lawmakers had heard before.
Federal Reserve Chairman Ben S. Bernanke sent bond yields a percentage point higher just by talking about adding stimulus at a slower pace. The rout serves as a warning to monetary policy makers that their exit from record accommodation won’t be easy to control.
How is it government officials come to contradictory conclusions about what the U.S. Treasury can do in the event it lacks the money to pay all its bills? Can the Treasury prioritize and pay bondholders before everyone else?
In 1980, the U.S. economy was in the middle of a severe downturn, and jobs weren’t easy to find. So Lou Crandall , after earning a bachelor’s degree with a focus on economics from Cornell University, scattered resumes far and wide. One went to an employment agency looking for bilingual workers. Crandall had spent five years of his boyhood in Italy, where his father taught in an American school, and was fluent in Italian, Bloomberg Markets magazine reports in its January issue.