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The U.S. federal budget deficit more than doubled in October from a year earlier, reflecting a decline in revenue and increased spending tied to the government efforts to contain the economic damage from the coronavirus.The $284.1 billion shortfall in the first month of fiscal 2021 compared with a $134.5 billion gap in October 2019, Treasury Department figures showed Thursday. Revenue decreased 3.2% and spending jumped 37.3% from a year ago.The figures extend a rapid deterioration in the government’s fiscal position this year after lawmakers scrambled to shore up an economy that ground to a halt and depressed tax revenue because of the health crisis. In fiscal 2020, which ended last month, the U.S. amassed a record $3.1 trillion budget shortfall.For a breakdown of the Treasury’s October budget statement, click here.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Asked to name his chief concerns as the world tries to recover from the Covid-19 crisis, Powell said it’s “the risk that there is some longer-run damage to the productive capacity of the economy and to people’s lives who have been disrupted by the pandemic.”

The US is inching closer and closer to the Biden lockdown.

A perfect economic storm for the housing debt bubble is gathering strength from the health, social and financial forces identified in this article...

“My sense is that we will need to do more, and Congress may need to do more as well on fiscal policy,” Powell said.

The reason for the move wasn't immediately clear, but it comes as a number of companies appear to be warming to crypto.

The founder of the world's largest hedge fund said he sees three main problems with bitcoin and other cryptocurrencies.

Now, bitcoin and crypto watchers are braced ahead of the European Central Bank’s (ECB) two-day annual forum, beginning today—with ECB president Christine Lagarde, who last month said the ECB "should be prepared to issue a digital euro," set to speak about the "implications of fundamental global changes for central banks."

Bank of England Governor Andrew Bailey said he did not think that privately operated digital currencies known as stablecoins were suitable for widespread use or could be trusted as a safe store of value like many traditional currencies.

Put another way: the elites have cannibalized the system so thoroughly that there's nothing left to steal, exploit or cannibalize.

"The whole point of a central bank is competently administering monetary policy. Right now, the Fed is failing at this basic task." ~ Alexander W. Salter

The total value of the equity markets around the world just reached an all-time high of $95 trillion through Wednesday.

U.S. airline employment is set to reach the lowest levels since the mid-1980s...

Nancy Pelosi and Chuck Schumer say spiking coronavirus infections call for a sweeping relief bill, one Mitch McConnell is unlikely to support.

Federal Reserve Chairman Jerome Powell is participating Thursday in a policy panel before a European Central Bank Forum on central banking. The appearance will feature a question-and-answer session with the U.S. central bank chief.

There’s been lots of talk about the possibility of price inflation in response to the surge in monetary and fiscal stimulus. It’s an important consideration for us bullion investors, as one of the biggest catalysts for gold and silver is the onset of higher consumer prices. And you gotta own your inflation protection before it sets in.But the CPI has remained stubbornly low. This despite the Fed trying to produce higher inflation. And despite most people’s experience of higher consumer prices.

Gundlach touches on timely topics like the potential for a wave of insolvency, why he believes we are in the midst of The Fourth Turning...

This period of transition between the election and a new administration is ripe for a geopolitical risk event, says Jeffrey Kleintop, chief global investment strategist at Charles Schwab.

The 30-year fixed-rate mortgage averaged 2.84% for the week ending Nov. 12, rising six basis points from the record low set just the week prior, Freddie Mac (FMCC)reported Thursday.

If U.S. banks absorb big losses on their $2 trillion in commercial real estate loans, the entire economy will suffer.