There’s a hot debate about what it’s doing with its holdings, and the answer could affect how much it costs Americans to borrow money.

The Federal Reserve and major U.S. banks are buying fewer bonds than they used to. Hedge funds are picking up some of the slack.

As the Fed wraps up its two-day meeting, economists are looking to the Treasury Department for details on how the federal government plans to borrow money through the end of the year.

When the central bank makes money, it hands it to the Treasury. But now it’s losing money as it pays interest to banks on their deposits.

The vast majority of federal revenue comes from taxes, and the drop in 2023 revenue was mostly due to a drop in individual income taxes.

No surprise: Inflation, higher interest rates and the pandemic all play a role.

The U.S. government is obligated by treaty to provide certain services to tribal nations. Shutdowns force tribes to take on those costs.

The upper age limit for SNAP recipients (able bodied, without dependents) who have to prove they’re working or looking for work at least part time has just risen from age 49 to age 50. Eventually it’ll go up to age 54.

The portion of federal spending being determined by what’s called the appropriations process is relatively small.

If the Fed can tamp down inflation without sparking a recession, it would be only the second time in history in U.S. history.