OOD DAY FOR: Fed funds, after The Wall Street Journal reported that the Federal Reserve is asking Congress to allow it to issue its own debt to give it greater flexibility in dealing with the financial crisis. The Fed can print money until it runs out of ink, but the Treasury Department has jurisdiction over issuing government debt. With the Fed’s benchmark interest rate at 1 percent, it may be looking for more tools. (Reuters)
BAD DAY FOR: Investor confidence, after the U.S. Treasury auctioned off $30 billion in four-week T-bills at a yield of zero percent—buyers will get no profit when the bills mature—the same day that 3-month T-bills briefly traded on the secondary market with a -0.01 percent yield, meaning that buyers will lose money in the transaction. “We were all watching it agog,” said Treasury spokesman Steve Meyerhardt. The last time short-term Treasury yields were negative was in the 1930s. (Los Angeles Times)
- Which professions have the most psychopaths?
- There is a better alternative to raising the minimum wage
- 7 grammar rules you really should pay attention to
- 5 books to read before your 30th birthday
- Science: Cuddling is key to a committed and loving relationship
- 32 TV shows to watch in 2013 [Updated]
- The executioners' lament
- This is how much extra it costs to eat healthy every day
- He said he was leaving. She ignored him.
- 7 health benefits of playing video games
Subscribe to the Week