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 […]
Money
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 […]
#BREAKING: Elon Musk has selected a new Twitter CEO
It looks like Elon Musk will soon be transitioning from his role as “chief twit.” Musk announced on May 11 that he has selected a new CEO. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!” Musk tweeted. “My role will transition to being exec chair […]
U.S. money supply suffers sharpest contraction since Great Depression
By: Ryan McMaken Money supply growth fell again in March, plummeting further into negative territory after turning negative in November 2022 for the first time in twenty-eight years. March’s drop continues a steep downward trend from the unprecedented highs experienced during much of the past two years. Since April 2021, money supply growth has slowed quickly, […]
As PacWest reports 10% drop in deposits, more banks are seeing higher deposit outflows
PacWest Bancorp might not be the only smaller institution that could be witnessing higher deposit outflows. The company announced on Thursday that it posted a 9.5 percent increase in deposit outflows. The news sent shares tanking as high as 25 percent. But it might not be the only bank to see outflows. According to H.8 […]