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Fed Staff Projected 'Mild Recession' Starting Later In 2023 streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Fed Staff Projected 'Mild Recession' Starting Later In 2023 streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Speech by Mr Christopher J Waller, Member of the Board of Governors of the Federal Reserve System, at the Center for Financial Stability, New York, 19 November 2021. ....
this post authored by Fernando M. Martin, Research Officer and Economist The U.S. fiscal response to the COVID-19 pandemic was unprecedented in speed and size. The federal government enacted massive programs to assist households and businesses, mostly from April to June. The combined effects of this assistance and a depressed economy increased the federal deficit by about $2 trillion, resulting in a record deficit of $3.1 trillion for fiscal year 2020.1 As a reference, the previous record was $1.4 trillion in fiscal year 2009, in response to the Great Recession, which followed the financial crisis of 2007-08. Fiscal deficits are naturally financed with debt. Consequently, federal debt held by the public increased by $4.2 trillion during fiscal year 2020, reaching $21 trillion.2 As with government assistance, a significant proportion of this new debt (about $2.9 trillion) was issued from April to June. ....