Yesterday the markets got some relief from the current uncertainty, as the House of Representatives approved an extension of the federal borrowing authority. Will the measure pass the Senate? David Lawder and Richard Cowan cover the story. While stocks rose and bond prices retreated, traders turned their attention to Janet Yellen’s first congressional testimony. The new leader of the Federal Reserve discussed plans for tapering the unprecedented stimulus she helped craft with former chairman Ben Bernanke. An article from Bloomberg gives us an idea of how the new Fed Chair plans to proceed. As we approach tax season this year, a number of factors make this an especially good time to consider gift tax exclusions. 360 Degrees of Financial Literacy offers an interesting take on planning your tax strategy.

House Approves ‘Clean’ Debt Limit– An uncertainty for the markets was removed when the US House of Representatives approved a one-year extension of federal borrowing authority on Tuesday.

Yellen Sees Few Risks To Divert Fed From QE Tapering Strategy– The new head of the Federal Reserve, Janet Yellen, let lawmakers know she’s united with her policy committee. She sees few risks that could derail a plan to steadily reduce the Fed’s bond purchases.

Gift Tax Strategies– The large gift tax applicable exclusion amount, low gift tax rates, depressed property values and low interest rates are creating a favorable environment for making certain gifts.

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John R. Day, Bill Ennis, Stephanie Davidson and Matt Heller

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