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Search resuls for: "Deborah B. Solomon"


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☆ Fed Poised for Another Rate Increase: Live Updates
  + stars: | 2023-05-03 | by ( Jeanna Smialek | Alan Rappeport | Deborah B. Solomon | ) www.nytimes.com   time to read: +4 min
The average interest rate on new-car loans was 7 percent in March, according to Edmunds, up nearly a percentage point from six months earlier. The average interest rate on new-car loans was 7 percent in March, according to Edmunds, up nearly a percentage point from six months earlier. The rate for current federal student loan borrowers isn’t affected because those loans carry a fixed rate set by the government. The average rate for an identical loan was 5.1 percent the same week in 2022. Home equity lines of credit and adjustable-rate mortgages — which each carry variable interest rates — generally rise within two billing cycles after a change in the Fed’s rates.
☆ U.S. Could Default on Debt as Early as Summer, New Estimate Says
  + stars: | 2023-02-22 | by ( Deborah B. Solomon | ) www.nytimes.com   time to read: +1 min
WASHINGTON — The United States faces a default sometime this summer or early fall if Congress does not raise or suspend the debt ceiling, a Washington think tank warned on Wednesday. The projection from the Bipartisan Policy Center is the latest estimate of when the government could run out of cash to pay its bills. The nation, which borrows huge sums to help pay for everything from military salaries to Social Security benefits, hit its $31.4 trillion borrowing cap on Jan. 19. Last week, the nonpartisan Congressional Budget Office projected that the department’s ability to prevent the United States from defaulting on its debt could be exhausted between July and September. That estimate was slightly more favorable than what Treasury Secretary Janet L. Yellen suggested when she told Congress last month that her department’s ability to keep financing the country’s obligations could be exhausted in June.
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