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The projections prompted U.S. Treasury debt yields to fall slightly, with the benchmark 10-year yield last at 4.88%. "Interest in today's borrowing projections have been higher than normal," said Thomas Simons, money market economist at Jeffries in New York. Investors awaited the Treasury's quarterly refunding statement on Wednesday for details on which maturities will be increased as the department pursues record borrowing levels. QUARTERLY RECORDSThe reduced $776 billion borrowing estimate would still be a record for any October-December period, exceeding the $689 billion in the 2021 quarter boosted by high COVID-19 relief outlays. In the third calendar quarter of 2023, the Treasury said it borrowed $1.01 trillion and ended that period with a cash balance of $657 billion.

Persons: Rick Wilking, Thomas Simons, Jeffries, Steven Zeng, Wednesday's, Zeng, Karen Brettell, David Lawder, Daniel Burns, Davide Barbuscia, Andrea Ricci, Richard Chang Organizations: REUTERS, U.S . Treasury, Treasury, Investors, Deutsche Bank, Thomson Locations: Westminster , Colorado, U.S, California, New York

☆ US second home sales slide in pandemic-era vacation hot spots
▼ + stars: | 2023-10-30 | by ( Amina Niasse | ) www.reuters.com time to read: +4 min

And as secondary home activity dwindles, some smaller housing-related businesses in leisure hot spots say they are feeling the pinch as well. “Services for existing rentals has grown, but services for larger ticket remodeling work on new vacation rentals has stopped," said Tim Allen, owner of Kopa Home Services, based in Flagstaff, Arizona. Allen has had to decrease unit prices in his separate vacation rental business, Local Vacation Team, to keep occupancy figures above market. For Flagstaff, that figure is 14%, according to data from AirDNA, a short-term rental data provider. "With the acceleration of the creation of vacation rentals during the pandemic, now if visitors are at 1,000, there are 3,000 rentals available,” he said.

Persons: Kevin Lamarque, ”, Chuck Tuttle, they’re, ” Tuttle, Tuttle, Tim Allen, Jessica Lautz, Allen, “, Amina Niasse, Daniel Burns, Bill Berkrot Organizations: REUTERS, National Association of Realtors, William, Hilton, Lake Havasu, Federal Reserve, Mortgage Bankers Association, realtors, “ Services, Kopa Home Services, NAR, Thomson Locations: Island , South Carolina, U.S, Lake Havasu City , Arizona, William Raveis, Cape Cod, Massachusetts, Lake, Lake Havasu City, Flagstaff , Arizona, Flagstaff, AirDNA

☆ Yellen says US GDP is a 'good strong number', may keep bond yields higher
▼ + stars: | 2023-10-26 | by ( David Lawder | ) www.reuters.com time to read: +2 min

"It's a good strong number and shows the economy is doing well," Yellen said at a Bloomberg live interview event. She dismissed suggestions that higher bond yields may be due to worries about rising U.S. deficits or worries about a recession. Yellen said that the U.S. debt servicing burden would be a "bigger challenge if the interest rate path stays higher." She has maintained that the real interest rate costs for the federal government have remained close to 1% of GDP, a manageable level. "The higher the interest rate path, the more that we need to do" on deficit reduction, she said.

Persons: Janet Yellen, Amit Dave, Yellen, Joe Biden's, David Lawder, Daniel Burns, Franklin Paul, Jonathan Oatis Organizations: Treasury, Central Bank governors, REUTERS, Rights, . Treasury, Bloomberg, Commerce Department, Social Security, Thomson Locations: Gandhinagar, India, U.S

☆ Debt ceiling worries deepen as early June U.S. default reinforced
▼ + stars: | 2023-05-12 | by ( Richard Cowan | ) www.reuters.com time to read: +6 min

The U.S. Congressional Budget Office report, issued Friday morning, confirms Treasury Secretary Janet Yellen's earlier warnings that a default could come as early as June 1. Congress' budget scorekeeper also noted that the federal government's debt payments "will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June." She also said she remained optimistic that the debt limit problem would be resolved. A senior Treasury official told Reuters she would do that with board members of the Bank Policy Institute lobby group. Democratic Representative Abigail Spanberger said members of the U.S. Congress ought to have their paychecks withheld until the debt limit problem is resolved.

☆ Yellen says US banks may tighten lending and negate need for more rate hikes
▼ + stars: | 2023-04-15 | by ( David Lawder | ) www.reuters.com time to read: +4 min

WASHINGTON, April 15 (Reuters) - U.S. Treasury Secretary Janet Yellen said banks are likely to become more cautious and may tighten lending further in the wake of recent bank failures, possibly negating the need for further Federal Reserve interest rate hikes. "Banks are likely to become somewhat more cautious in this environment," Yellen said in the interview, which is scheduled to air on Sunday. But Yellen said she was not yet seeing anything "dramatic enough or significant enough" in this area to alter her economic outlook. Some Fed officials have said the U.S. central bank should adopt a more cautious footing as they expect banks to restrict lending in the months ahead. Asked whether sanctions could erode the dollar's role as the world's reserve currency, Yellen acknowledged potential risks.

☆ US banks likely to pull back credit, Yellen tells CNN
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 15 (Reuters) - U.S. Treasury Secretary Janet Yellen said banks are likely to tighten lending further in the wake of recent bank failures, possibly negating the need for further Federal Reserve rate hikes, according to a CNN interview transcript released on Saturday. "Banks are likely to become somewhat more cautious in this environment," Yellen said in the interview scheduled to air on Sunday. "We already saw some tightening of lending standards in the banking system prior to that episode, and there may be some more to come." She said that would lead to a restriction in credit in the economy that "could be a substitute for further interest rate hikes that the Fed needs to make." Reporting by David Lawder and Daniel Burns; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, March 16 (Reuters) - The U.S. banking system remains sound and Americans can feel confident that their deposits are safe, Treasury Secretary Janet Yellen said on Thursday, but she denied that emergency actions after two large bank failures mean that a blanket government guarantee now existed for all deposits. "I can reassure the members of the committee that our banking system is sound, and that Americans can feel confident that their deposits will be there when they need them," Yellen said. More than $9.2 trillion of U.S. bank deposits were uninsured at the end of last year, accounting for more than 40% of all deposits, according to U.S. central bank data. Those uninsured deposits are not distributed evenly across the country, FDIC data shows. She also noted the high level of uninsured deposits at Silicon Valley as an aggravating factor.

☆ U.S. manufacturers see big boost from government subsidies and tax breaks
▼ + stars: | 2023-02-23 | by ( Timothy Aeppel | ) www.reuters.com time to read: +9 min

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. Eight out of 12 Republican representatives in Ohio’s congressional delegation voted in favor of federal subsidies for semiconductor production, including the funds that will go to Intel. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Industrial policy still has critics. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

☆ Treasury's Adeyemo says underlying health of U.S. economy 'quite strong'
▼ + stars: | 2022-12-01 | by ( Dan Burns | ) www.reuters.com time to read: +2 min

NEW YORK, Dec 1 (Reuters) - The underlying health of the U.S. economy is quite strong and massive investments being made in manufacturing and infrastructure will help bring inflation down over the longer term, Deputy Treasury Secretary Wally Adeyemo said on Thursday. Legislation like the bipartisan infrastructure law, the Inflation Control Act and a law to promote domestic semiconductor production would make long-needed investments in the economy that would help bring inflation under control, he said. U.S. Treasury Department Deputy Secretary Wally Adeyemo attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. Adeyemo said the U.S. economy was better-placed than any other economy to do well despite the rising cost of capital, and labor force participation was starting to increase, albeit not at the desired rate. Reporting by Daniel Burns; Writing by Andrea Shalal; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Treasury's Adeyemo says China continues to struggle with zero-COVID policy
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Dec 1 (Reuters) - U.S. Deputy Treasury Secretary Wally Adeyemo said China was continuing to struggle with its zero-COVID policy and growth there been disappointing, while policies aimed at large-scale vaccinations had put the U.S. economy on a better course. Asked about unexpected protests springing up across China against further lockdowns, Adeyemo said the United States believed in the right of people to protest. "Today the U.S. economy is open. We have an economy that is growing robustly, and in China, they are still locking down because they haven't done the things that we did," he said. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click [https://www.reuters.com/world/reuters-next/]Reporting by Daniel Burns and Andrea ShalalOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: G7 fails to reach intervention deal to ease pain of soaring dollar
▼ + stars: | 2022-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +7 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. With a strong push from Japan, finance leaders of the Group of Seven advanced economies included a phrase in a statement on Wednesday saying they will closely monitor "recent volatility" in markets. "Many countries saw the need for vigilance to the spill-over effect of global monetary tightening, and mentioned currency moves in that context. "I've said on many occasions that I think a market-determined value for the dollar is in America's interest. "It's impossible to reverse the yen's downtrend with solo intervention," said Daisaku Ueno, chief forex strategist at Mitsubishi UFJ Morgan Stanley Securities.

☆ Schiff says he likely would support criminal referrals in Jan. 6 attack probe
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +4 min

Trump has falsely claimed without evidence that widespread voter fraud tainted the election result and that he should have been declared winner. He did not provide further details, but criticized the Justice Department for being "slow" in its independent investigation of the attack. Democratic Representative Pete Aguilar told CBS-TV's "Face the Nation" that Wednesday's hearing will expose new details about the investigation. Asked about the possibility of former Vice President Mike Pence being subpoenaed to testify, Aguilar said: "I think it's important that we hear from the vice president, but the committee's work continues. We haven't made a determination on where we go with the vice president, specifically."

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