The Fed is soaking up nearly $1 trillion from market participants awash in cash and desperate for returns | Currency News | Financial and Business News

The Federal Reserve’s daily cash operations approached $1 trillion on Wednesday, as banks and other market participants drowning in cash look for somewhere to park their money. The Fed’s “reverse repo” facility, where financial institutions can deposit cash overnight, took in an all-time high of $992 billion on Wednesday, according to Fed data. Usage shot … Read more

Biden shocked markets this week with a proposal to nearly double the capital gains tax. Here’s what the move could mean for high-flying tech stocks, according to 5 experts.

President Biden this week proposed raising the capital gains tax rate to as high as 43.4% for wealthy Americans. The tax hike comes as a part of Biden’s second infrastructure bill, the “American Families Plan.” Experts say the plan is unlikely to pass into law with the proposed rate, but if it does, it could … Read more

Joe Biden to offer tax credits for COVID-19 vaccination paid time off

President Joe Biden on Wednesday will announce tax credits to businesses that provide paid time off for some people to get COVID-19 shots as he seeks to get corporate America more involved in the vaccination campaign, officials said. Biden administration officials said the government plans to reimburse businesses for the cost of giving workers as … Read more

US budget deficit jumps to an all-time high of $1.7 trillion this year

The US government’s budget deficit surged to an all-time high of USD 1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month.   In its monthly budget report, the Treasury Department said Monday that the … Read more