As members of the Federal Reserve gathered for this week’s two-day meeting, stocks rose again, sending the S&P 500 to within five points of its record high, set Aug. 2. “Everybody’s looking forward to tomorrow to see what the Fed’s statement is going to be,” Jerry Braakman, the chief investment officer of First American Trust in Santa Ana, California, said. “With inflation being benign, it doesn’t require a more aggressive tightening than the market would expect.” Large buyback plans are “returning capital to the market, which helps propel it to new highs,” he said.
The Congressional Budget Office (CBO) released forecasts today that project publicly held debt will reach 100% of Gross Domestic Product (GDP) by the year 2038, if current tax and spending laws remain unchanged.
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