Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:11 pm
All countries
520,723,315
Recovered
Updated on June 26, 2022 8:11 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:11 pm
Tuesday, August 9, 2022

Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:11 pm
All countries
520,723,315
Recovered
Updated on June 26, 2022 8:11 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:11 pm
Molderizer and Safe Shield

US economy will slow but recession not inevitable, says Janet Yellen

Vir Biotechnology Provides Corporate Update and

– More than $2.6 billion in cash, cash equivalents, investments and profit-share payments to be received from GSK expected to fund the company’s ongoing...

BA.5 Continues to Gain Ground, as Does Sublineage of BA.4 – NBC Chicago

According to the latest estimates from the Centers for Disease Control and Prevention, the BA.5 subvariant of COVID is still continuing to make...

China’s new iron chefs: Robots and AI dish out $4 menus in Shanghai

SHANGHAI -- Shanghai's newest "AI canteen" has all the hustle and bustle of a typical restaurant in China, except for one major distinction. Instead...





Treasury Secretary Janet Yellen said Sunday that she expects the to slow in the months ahead, but that a is not inevitable.


Yellen offered a dose of optimism even as economists grow increasingly worried about a fuelled by skyrocketing inflation and the Russian invasion of Ukraine.


She also expressed an openness, during an interview on ABC’s This Week, to a federal gas tax holiday to help give motorists some relief at the pump. Several lawmakers have floated the idea as the average price of gasoline hovers around $5 per gallon; the tax is 18.4 cents per gallon.


That’s an idea that’s certainly worth considering, Yellen said when asked if the administration is weighing it. She added that President Joe Biden wants to do anything he possibly can to help consumers.


And Energy Secretary Jennifer Granholm said it’s one of the tools, but told CNN’s State of the Union that part of the challenge with the gas tax, of course, is that it funds the roads.


Yellen said overall consumer spending in the United States remains strong, while noting that spending patterns are changing, given the impact of rising food and energy prices. Yellen said household savings during the coronavirus pandemic will help sustain spending.


The national saving rate has fallen to about 6%, below pre-pandemic levels, after reaching 16.6% in 2020, the highest on record dating to 1948, and 12.7% in 2021.


I expect the economy to slow, Yellen said. It’s been growing at a very rapid rate and the economy has recovered and we have achieved full employment. We expect a transition to steady and stable growth, but I don’t think a is at all inevitable.


Yellen echoed Biden’s optimism in the face of economic headwinds. Biden in an interview with The Associated Press last week insisted that a recession is not inevitable and made the case that U.S. is “in a stronger position than any nation in the world to overcome this inflation.


Disagreeing with the assessment from Biden and Yellen, former Treasury Secretary Larry Summers told NBC’s Meet the Press that in his estimation, the dominant probability would be that by the end of next year we would be seeing a recession in the American economy.


The Federal Reserve on Wednesday approved its largest interest rate increase in more than a quarter-century to stem a surge in inflation. The move raised the target federal funds rate by three-quarters of a percentage point to a range of between 1.5% and 1.75%

The tightening of monetary policy was accompanied by a downgrade to the Fed’s economic outlook, with the economy now seen slowing to a below-trend 1.7% rate of growth this year, unemployment rising to 3.7% by the end of this year and continuing to rise to 4.1% through 2024.


Yellen said it will take skill and luck to bring down inflation while maintaining low unemployment.


I believe it’s possible, she said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular

Vir Biotechnology Provides Corporate Update and

– More than $2.6 billion in cash, cash equivalents, investments and profit-share payments to be received from GSK expected to fund the company’s ongoing...

BA.5 Continues to Gain Ground, as Does Sublineage of BA.4 – NBC Chicago

According to the latest estimates from the Centers for Disease Control and Prevention, the BA.5 subvariant of COVID is still continuing to make...

China’s new iron chefs: Robots and AI dish out $4 menus in Shanghai

SHANGHAI -- Shanghai's newest "AI canteen" has all the hustle and bustle of a typical restaurant in China, except for one major distinction. Instead...

Related Articles

Vir Biotechnology Provides Corporate Update and

– More than $2.6 billion in cash, cash equivalents, investments and profit-share payments to be received from GSK expected to fund the company’s ongoing...

BA.5 Continues to Gain Ground, as Does Sublineage of BA.4 – NBC Chicago

According to the latest estimates from the Centers for Disease Control and Prevention, the BA.5 subvariant of COVID is still continuing to make...

China’s new iron chefs: Robots and AI dish out $4 menus in Shanghai

SHANGHAI -- Shanghai's newest "AI canteen" has all the hustle and bustle of a typical restaurant in China, except for one major distinction. Instead...