‘We averted an economic crisis’: Biden hails debt-ceiling deal in Oval Office address

‘We averted an economic crisis’: Biden hails debt-ceiling deal in Oval Office address

President Joe Biden on Friday hailed passage of a bipartisan deal to raise the U.S. debt limit and avoid a government default, addressing the nation from the Oval Office. “No one got everything they wanted, but the American people got what they needed,” the president said. “We averted an economic crisis and economic collapse.” Biden…

Senate passes debt-ceiling bill in 63-36 vote, sending it to Biden to get signed into law

Senate passes debt-ceiling bill in 63-36 vote, sending it to Biden to get signed into law

The U.S. Senate voted 63-36 in favor of a crucial debt-ceiling bill on Thursday night, sending the measure to President Joe Biden to be signed into law. The Fiscal Responsibility Act, which the Republican-run House of Representatives approved on Wednesday night in a 314-117 vote, raises the ceiling for federal borrowing and avoids a market-shaking…

Opinion: America’s latest pullback from the debt-ceiling cliff won’t be its last

Opinion: America’s latest pullback from the debt-ceiling cliff won’t be its last

With Congress raising the debt-ceiling and both sides of the aisle grumbling about the outcome, the debate over the mechanics of paying for the U.S. government’s obligations and the close call with default now fades back into obscurity. Until the next time. Assuming Congress won’t do away with the debt ceiling and push all spending…

Americans expect inflation to stay painfully high. That’s good news for stocks.

Americans expect inflation to stay painfully high. That’s good news for stocks.

Headline inflation may have come down over the past year, but consumers’ expectations about future inflation have not. In fact, five-year expected inflation has been inching up rather than down in recent months, according to the University of Michigan consumer survey. The median expectation is that inflation will run at a 3.1% annualized pace over…

Crypto helps fund fentanyl trade, says Sen. Elizabeth Warren, calling for strict regulation

Crypto helps fund fentanyl trade, says Sen. Elizabeth Warren, calling for strict regulation

In a U.S. Senate Banking Committee hearing on Wednesday, Senator Elizabeth Warren brought up the use of crypto to fund trade in the opioid fentanyl between China and the United States. “Fentanyl is among the leading causes of death among Americans 18 to 45,” said Warren. “China is the leading supplier of chemical ingredients called…

House passes debt-ceiling bill in 314-117 vote, sending it over to Senate

House passes debt-ceiling bill in 314-117 vote, sending it over to Senate

The U.S. House of Representatives voted 314-117 in favor of a crucial debt-ceiling bill on Wednesday night, keeping Washington on track to meet the Treasury Department’s Monday deadline. There were 149 Republicans and 165 Democrats voting for the measure, while 71 Republicans and 46 Democrats voted against it. Those tallies show the extent…

Debt-ceiling deal: Here’s what’s next as it passes key hurdle in Congress

Debt-ceiling deal: Here’s what’s next as it passes key hurdle in Congress

While President Joe Biden and House Speaker Kevin McCarthy reached a debt-ceiling deal over the holiday weekend, that doesn’t mean it’s now all smooth sailing. Congress still must give its OK, starting with the Republican-run House of Representatives. Here’s what’s next, as the Treasury Department has called for action by this coming Monday in order…

‘Several’ Fed officials said more rate hikes may not be needed and other key takeaways from May minutes

‘Several’ Fed officials said more rate hikes may not be needed and other key takeaways from May minutes

Minutes of the Federal Reserve’s May policy meeting show that officials were divided over the path forward. At their meeting, the Fed hiked its benchmark interest rate by a quarter of one percentage point to a range of 5%-5.25%. The central bank also altered its forward guidance to indicate it could pause at their next…

Opinion: Why Alphabet is a better bet than Meta Platforms if you’re investing in AI

Opinion: Why Alphabet is a better bet than Meta Platforms if you’re investing in AI

With shares more than doubling this year, Meta Platforms META, +0.18% seems to be a stock that just won’t quit. But given the choice, investors may want to consider digital-advertising competitor Alphabet GOOGL, -0.75% GOOG, -0.63% instead. Sure, Facebook parent Meta Platforms topped earnings expectations and posted bullish guidance. Yet just after celebrating those results, investors…

Citi to pursue IPO of Banamex, resume ‘modest level’ of stock repurchases

Citi to pursue IPO of Banamex, resume ‘modest level’ of stock repurchases

Citigroup Inc. announced Wednesday that it decided to pursue an initial public offering (IPO) of its “Banamex” consumer, small business and middle-market banking operations in Mexico. The banking giant said the business will keep its name Banco Nacional de México (Banamex) after the IPO, which is expected to take place in 2025. The IPO will…

I’m drowning in debt: Why can’t I be on somebody’s list giving money away?

I’m drowning in debt: Why can’t I be on somebody’s list giving money away?

Got a question about the mechanics of investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write to me at [email protected].   I recently read the article you wrote about a person who had $5 million+ and couldn’t figure out how…

My husband won’t work and doesn’t have a driver’s license. What can I do?

My husband won’t work and doesn’t have a driver’s license. What can I do?

I am married, but we are both different people, and I get the feeling my husband doesn’t even like me. He’s too tired to leave, and we don’t have anything but bills. He doesn’t have a driver’s license, and he won’t even go to court to pay his fines and get it back. He’s content…

Nvidia and Best Buy suggested a pandemic-era tech bottleneck is ending. Now we see for sure

Nvidia and Best Buy suggested a pandemic-era tech bottleneck is ending. Now we see for sure

Best Buy Co. BBY, +4.28% Chief Executive Corie Barry said last week she expected the downtrend in tech-product demand to bottom out soon, with a rebound in the second half of the year. Executives for chip maker Nvidia Corp. NVDA, +2.54% said their logjam of products that could not find buyers after a pandemic surge…

Memorial Day weekend: Is the post office delivering mail? Are banks open?

Memorial Day weekend: Is the post office delivering mail? Are banks open?

For many of us, the upcoming Memorial Day weekend is the unofficial start to the summer season. But we should never forget the true meaning of Memorial Day itself (Monday, May 29) — an occasion to honor those who died while serving their country. The national holiday traces its roots back to 1868, when a…

Opinion: How NFL star Austin Ekeler brings his ‘A’ game to personal finance

Opinion: How NFL star Austin Ekeler brings his ‘A’ game to personal finance

I think about money through the same lens that I think about everything else. It starts with hard work, discipline, and applying yourself in whatever you choose to do so that you are able to build value in yourself and in what you bring to an organization. That value in turn creates opportunities personally and…

Generation Z’s favorite investment may be a cause for concern. Here’s why.

Generation Z’s favorite investment may be a cause for concern. Here’s why.

Generation Z is getting smarter about their money, with some starting to invest even before they turn 18, according to a new report. The survey by FINRA Investor Education Foundation and the CFA Institute, which defines Generation Z as those aged between 18 to 25, concluded that 6 in 10 owned at least some investments….

Fees in buy now, pay later plans can be hard to understand: Consumer Reports

Fees in buy now, pay later plans can be hard to understand: Consumer Reports

Although they are marketed as having no fees and no interest, some buy now, pay later products do include such charges — but it can be hard for consumers to know what they are getting into. That’s according to new research by Consumer Reports, which looked at major companies’ lending, privacy and consumer-protection policies. The…

Stock, bonds, or cash? Here’s investors’ best playbook for the debt ceiling, Fed policy and recession risks

Stock, bonds, or cash? Here’s investors’ best playbook for the debt ceiling, Fed policy and recession risks

The bond market hasn’t been this popular for over a decade. For almost 15 years after the financial crisis of 2008, bond yields remained low and the U.S. stock market was much more appealing. That’s no longer the case. Treasury bills TMUBMUSD01Y, 5.246%, which are arguably the safest debt, are now offering yields well above…