President Joe Biden and House Republicans have finally agreed on a deal to raise the government’s debt ceiling, including changes to the federal budget in a number of areas. Analysts say the agreement could have only marginal effects on the US economy.
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The debt ceiling deal in Washington did not set off a celebration in the stock market. But the bipartisan compromise is causing fireworks for some companies that have emerged as winners.
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The strength of the US economy rests on the shoulders of consumers. If people are spending money, companies keep employees in their jobs … and those workers keep spending. In theory, anyway.
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In the wake of Silicon Valley Bank’s collapse and subsequent banking meltdown, cash is king. The turmoil inflicted on financial markets has sent cautious investors running away from volatile markets and toward more liquid alternatives.
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The Treasury Department said Friday the US will reach the debt limit on January 19 and “extraordinary measures” will need to be taken, setting up one of the first major battles on Capitol Hill after Republicans took control of the House.
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The Wall Street investment bank told staff in a memo on Tuesday that effective September 6, all employees can enter its offices in the Americas, “regardless of vaccination status,” with no requirement to participate in regular testing or wear face coverings.
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The firm said the recovery in worldwide demand from the Delta variant has been “even faster than our above consensus forecast” and global supply is “short of our below-consensus forecasts.”
