Hello and welcome to AS USA’s live blog on inflation relief and financial news.
Yesterday, the US Treasury reported that the US had reached its borrowing limit, but that the department would take steps to prevent a US debt default. Leaders have until June to reach a an agreement to increase or suspend the debt ceiling. If such a deal is not approved, which would be unprecedented and unlikely, there could be catastrophic impacts not only on the US, but on the global economy as well.
Markets this week are slightly down. The Dow Jones is down 2.95 percent, the S&P 500 is down nearly 2 percent and the NASDAQ is down 1.07 percent. Inflation remains high, Covid-19 infections in China are affecting supply chains, and the job market remains strong. The Federal Reserve’s move to increase unemployment by raising interest rates has yet to pay off.
Follow updates on available state and federal relief, the latest on debt ceiling talks, and much, much more.