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Fed official warns of higher interest bill for Uncle Sam
The Federal Reserve takes a lot of heat from critics for keeping interest rates low. But there's an upside that most people overlook: Low interest rates save the government money. Speaking at a conference on monetary policy Friday, New York Fed President William Dudley stressed how lower rates reduce the interest that the federal government pays on the national debt. In addition, the Fed's policies have also led to larger payoffs for the U.S. government. By making huge asset purchases over the last couple of years in order to keep rates down, the Fed is also earning interest on those investments. That money gets ... (full story)
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