The U.S. ran a budget surplus in January, dropping the annual deficit to its lowest level since August 2008, the Treasury Department said. The deficit fell to $405 billion over the 12-month period ended January.
While the broad strokes of the president’s new budget proposal are unlikely to become reality, some tax specialists nonetheless are focusing on details that would curtail money-saving strategies for individuals.
Hedge-fund manager Kyle Bass argued in an investor letter that China’s foreign reserves are ‘below a critical level,’ the latest salvo by big investors raising doubts about the Chinese economy’s health amid bets that the yuan will fall.
Prime Minister Shinzo Abe’s economic-revitalization plan was a bet that a committed central bank could jolt Japan out of decades of decline. But the bank’s failure to generate a sustained economic upswing suggests the “Abenomics” program has reached an impasse.