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Government Stimulus

Reuters | Equities.com |

American Express Co exceeded quarterly profit estimates on Friday as it released more than $1 billion worth of funds it had set aside to cover potential coronavirus loan losses.

The outlook for card companies is improving as government stimulus and vaccine rollouts fuel an economic recovery, helping the industry recover from a pandemic-driven slump in non-essential consumer spending last year.


Reuters | Equities.com |

The U.S. government posted a March budget deficit of $660 billion, a record high for the month, as direct payments to Americans under President Joe Biden’s stimulus package were distributed, the Treasury Department said on Monday.

The deficit for the first six months of the 2021 fiscal year ballooned to a record $1.706 trillion, compared to a $743 billion deficit for the comparable year-earlier period.


Reuters | Equities.com |

Bond giant PIMCO's quarterly outlook published on Tuesday warned that market volatility could rise this year, not because of inflation risks, but because of investors' fears of inflation risks.

Inflation expectations have increased this year as the U.S. economy has begun to recover from the coronavirus pandemic and as investors have bet that the flood of new Treasury debt will erode the value of the dollar. The Treasury Department ramped up issuance last year to $3.6 trillion to fund the U.S. government’s pandemic recovery efforts. ING expects roughly $4 trillion to be issued this year, not counting inflation spending President Joe Biden is scheduled to announce on Wednesday.


Kimberly Redmond | Equities.com |

The United Nations Conference on Trade and Development (UNCTAD) has upgraded its forecast for global economic growth in 2021, thanks to a stronger-than-expected recovery in the US.

In a report published Thursday, the intergovernmental trade and development body said global gross domestic product (GDP) will grow by 4.7%, an increase from the 4.3% projection it made in September.


Kimberly Redmond | Equities.com |

The Internal Revenue Service (IRS) is delaying the traditional federal tax filing. deadline from April 15 until May 17, a move that gives filers more time to deal with tax situations complicated by the COVID-19 pandemic.

The IRS announced the decision Wednesday, saying it would provide further guidance in coming days.


Reuters | Equities.com |

The large-scale government intervention in airlines triggered by the coronavirus crisis will hold back sector consolidation for up to five years, the head of global industry body IATA predicted on Wednesday.

Alexandre de Juniac, the International Air Transport Association’s outgoing director general, made the comments in an interview with Reuters as the organization called for a new round of subsidies to weather the COVID-19 pandemic.


AP News | Equities.com |

The Treasury Department says it has sent out 90 million economic impact payments totaling $242 billion since President Joe Biden signed a $1.9 trillion pandemic relief plan last week.

The bulk of those payments were made by the IRS as direct deposits, which recipients starting seeing in their bank accounts last weekend, officials said Wednesday.


Reuters | Equities.com |

Direct deposits from the $1.9 trillion COVID-19 relief legislation signed into law by President Joe Biden on Thursday will come as early as this weekend, White House press secretary Jen Psaki said.

With the signing of the stimulus bill, Biden commemorated the one-year anniversary of a U.S. lockdown over the coronavirus pandemic with a measure designed to bring relief to Americans and boost the economy.


Kimberly Redmond | Equities.com |

Major US airlines dropped plans to furlough thousands of employees on Wednesday after the House passed its $1.9 trillion COVID-19 economic relief package that included an extension of the payroll support program.

As part of the latest federal stimulus funding, $14 billion will go to airlines to cover employee pay and benefits for an estimated 27,000 workers through the end of September 2021.


AP News | Equities.com |

Marking a year of loss and disruption, President Joe Biden on Thursday will declare the “next phase” of the nation’s fight against the coronavirus as he signs into law a $1.9 trillion relief package that he says will help the U.S. defeat the virus and nurse the economy back to health.

The signing will come hours before Biden delivers his first prime-time address since taking office. He’s aiming to steer the nation toward a hungered-for sentiment — hope — as he marks one year since the onset of the pandemic that has killed more than 529,000 Americans.