Dismal's Smacks

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📈 Macroeconomics

Secretary of the Treasury Janet Yellen Sends Letter to Congressional Leadership on the Debt Limit:

"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1."

https://home.treasury.gov/system/files/136/Debt_Limit_Letter_Congress_Members_05012023.pdf

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IMF: Services price inflation is holding up progress on disinflation

IMF: "Services price inflation is holding up progress on disinflation, which is complicating monetary policy normalization. Upside risks to inflation have thus increased, raising the prospect of higher-for-even-longer interest rates"

The International Monetary Fund said Tuesday in its World Economic Outlook Update that global growth remains on track with the April 2024 World Economic Outlook (WEO) forecast, projected at 3.2% in 2024 and 3.3% in 2025. However, persistent services price inflation is complicating disinflation efforts and in turn,

The amount of interest paid to live another day? $7,380,456,000.

As of June 30, 2024 the total outstanding amount of all advances under the BTFP was $106,336,593,000. The amount of interest paid to live another day? $7,380,456,000.

Back in January, the Fed announced that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11 and that the program will continue to make loans until that time and is available as an additional source of liquidity for eligible institutions. As the program

S&P Global: Public US banks with high CRE concentrations under SEC scrutiny.

S&P Global: Public US banks with high Commercial Real Estate (CRE) concentrations under SEC scrutiny.

S&P Global's Zoe Sagalow is reporting that the US Securities and Exchange Commission (SEC) is intensifying its scrutiny of public US banks with high concentrations of commercial real estate (CRE) holdings. This move comes as federal bank regulators, including the Federal Deposit Insurance Corp., the Office