Biden-McCarthy Debt Ceiling Deal To Finalize Today; PCE Inflation Rises To 4.7%
Investors also considering PCE core inflation data for April, which is US Federal Reserve’s preferred gauge to measure inflation. Core PCE inflation rises to 4.7%, against market expectations of 4.6%. advertisement US Debt Ceiling Deal Almost Complete US President Joe Biden and Republican Kevin McCarthy reached bipartisanship to raise the U.S. government’s $31.4 trillion debt ceiling for two years and cap spending on everything except military and veterans. The deal is expected to complete on Friday, May 26. The White House scrapping its plan to boost funding for the Internal Revenue Service (IRS). Interestingly, health and retirement programs that push U.S. debt levels higher are not impacted. Meanwhile, The US Treasury Department plans to cover expenses for another week by selling $119 billion worth of debt. The move comes as credit rating agencies such as Fitch put US credit on negative watch. Recommended Articles ...