U.S. Economy Loses Fed, Fiscal Props After Powell-Manchin Pivots

First American News-Raleigh, NC: The U.S. economy will spend 2022 learning to live with the coronavirus without much in the way of help from the Federal Reserve or the federal government — especially with the derailing of President Joe Biden’s $1.75 trillion spending plan says Bloomberg News.

The Fed’s pivot last week toward tighter credit — ending its emergency bond-buying program in March to pave the way for higher interest rates — comes on top of a rollback in government spending programs put in place at the height of the pandemic. The fiscal squeeze will be even bigger if Democrats cannot salvage Biden’s social-spending package in the face of opposition from a key moderate senator. Click here to read more on the U.S. Economy and the Fiscal Props at Bloomberg News.