The U.S. government is investing hundreds of billions of dollars in manufacturing by giving taxpayer money to domestic and foreign corporations to build green battery plants. So far, it does not seem to be taking the manufacturing industry out of a recession. Case in point, the S&P Global Manufacturing Purchasing Managers’ Index (PMI). Despite an […]
Treasury’s cash balance plummets 16% in one day, falls below $58 billion amid debt ceiling impasse
The U.S. Treasury Department’s bank account keeps dwindling. According to the latest Daily Treasury Statement (DTS), the Treasury General Account (TGA) Opening Balance for May 19 was $57.341 trillion, down from $68.332 billion on May 18. Remember, the cash balance at the beginning of the month was a little more than $316 billion. Fun times […]
Treasury cash balance crashes 72% since start of month as Janet Yellen tries to avert a default
The Treasury Department is running out of cash. Secretary Janet Yellen has repeatedly warned that the X-date when the Treasury can no longer prevent a default could be as early as June 1. Some said this was hyperbole, but a look at its bank account at the Federal Reserve suggests she might be right. Since […]
Read the Durham Report in full
Special Counsel John Durham has published his 300-page report and lot of it is damning information. Of course, nothing will happen, but it is still interesting. This is perhaps the most riveting part of the report: Read the full report here
U.S. household debt tops $17 trillion in the first quarter for first time ever
Sure, all the focus is on the debt ceiling in Washington. Both sides will inevitably reach a conclusion and strike a last-minute agreement to raise the debt limit. Unfortunately, the private sector is also drowning in red ink. The Federal Reserve Bank of New York (FRBNY) published its latest Household Debt and Credit Report for […]