Billionaire hedge fund manager Bill Ackman told CNBC on Monday the economy will see a “massive” boom in the fall despite the coronavirus Delta variant. Ackman said trillions of dollars in federal stimulus, an increase in wages, pent-up savings, and the rise in vaccinations will lead to a “massive, massive economic boom.” The investor also … Read more
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
The Fed is “carefully” watching the housing market as huge demand sends prices soaring, Chair Jerome Powell said. The central bank doesn’t see “the kind of financial stability concerns” that fueled the 2008 crash, he added. Powell said he hopes homebuilders react “and come up with more supply,” which would also boost job growth. See … Read more
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
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
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