Barron’s Magazine – May 1, 2023:
The Cautionary History of Debt-Limit Gimmicks
The U.S. Congress began imposing debt limits in 1776. When the Continental Congress authorized its very first loan from France, it instructed U.S. commissioners to borrow a “sum not exceeding two million sterling.” Congress continued to permit the Treasury to borrow only up to bond-by-bond specific limits until 1917. Prior to then, U.S. Treasury secretaries actually operated under multiple debt limits, authorized bond by authorized bond. The single, aggregate debt limit we’re more familiar with today was first adopted by the U.S. in 1939.
The Fed Has Few Good Options. The Risk of a Misstep Is Growing.
The Federal Reserve is struggling to cool inflation further without damaging the economy. The easy part is over.
J&J’s Kenvue Spinoff: A Rare IPO Winner in a Moribund Market
The consumer health company features a range of leading brands, a relatively cheap valuation, a solid balance sheet, consistent earnings, and a healthy dividend yield. It’s no tech unicorn, a good thing in 2023.
Pressure on First Republic Mounts as Advisors Jump Ship
The bank’s elite wealth management unit is suffering a major talent drain. It may only get worse.