Yesterday afternoon the Federal Reserve sharply ramped up their expectations for economic growth here in the US and indicated that there are no interest rate hikes likely through 2023 despite an improving outlook and a turn this year to higher inflation. As widely expected, the policymaking Federal Open Market Committee also voted to keep short-term borrowing rates near zero, while continuing an asset purchase program in which the central bank buys at least $120 billion of bonds a month.
Taxpayers will have more time to get their taxes in order this year. The IRS is planning to push back the deadline for filing tax returns by about one month, from the usual April 15 to May 17th. This will give taxpayers additional time to file their 2020 tax returns and pay any amounts owed to the IRS.
U.S. homebuilding dropped to a six-month low in February as severe cold gripped many parts of the country, in a temporary setback for a housing market that remains supported by extremely lean inventories amid strong demand for larger homes. The report from the Commerce Department also showed a sharp decline in building permits last month.