Secretary of the Treasury Janet Yellen dismissed the possibility that the United States might enter into recession anytime soon while speaking at a press conference ahead of the Group of Seven (G-7) finance ministers meeting in Germany. “We are in a global environment where there are significant risks and pressures, but I really don’t expect…
Yellen Dismisses Possibility of US Recession But Admits Inflationary Risks
Fed to Raise Interest Rates Without ‘Hesitation’ Till Inflation Eases, Says Powell
May 18, 2022
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Federal Reserve Chairman Jerome Powell said that the central bank is committed to combating elevated inflation by raising interest rates till it comes down, according to an interview he gave to The Wall Street Journal’s Future of Everything Festival. “We will go until we feel like we are at a place where we can say,…
Fed to Raise Interest Rates Without ‘Hesitation’ Until Inflation Eases, Says Powell
May 18, 2022
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Business & Economyeconomic policieseconomyFed Meetshigh inflationinflationjerome powellU.S. interest rate hikesUSUS News
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Federal Reserve Chairman Jerome Powell said that the central bank is committed to combating elevated inflation by raising interest rates until it comes down, according to an interview he gave to The Wall Street Journal’s Future of Everything Festival. “We will go until we feel like we are at a place where we can say,…
United States Retail Sales Register 0.9 Percent Growth in April
U.S. retail and food services sales rose in April 2022 by 0.9 percent on a month-on-month basis and by 8.2 percent when compared to April 2021, the latest data from the Commerce Department show. “Total sales for February 2022 through April 2022 period were up 10.8 percent from the same period a year ago. The…
Consumer Confidence Slips to 11-Year Low Amid Elevated Inflation
U.S. consumer confidence fell for the month of May as Americans deal with high inflation rates, according to the latest data from the University of Michigan’s survey of consumer sentiment. The index of consumer sentiment fell to 59.1 in May, down 9.4 percent from the previous month’s index value of 65.2, according to the preliminary…
As Food Prices Soar, Biden Praises American Farmers in Fight Against Inflation
President Joe Biden talked about how American farmers can help in easing global food shortages and fighting inflation during his visit to a farm on May 11. “Right now, America is fighting on two fronts. At home, it’s inflation and rising prices. Abroad, it’s helping Ukrainians defend their democracy and feeding those who are left…
Inflation and Household Spending Expectations in the US Remain High: Fed Survey
May 10, 2022
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Consumer expectations regarding inflation and household spending remained at elevated levels in April 2022 according to a recent survey by the Federal Reserve Bank of New York’s Center for Microeconomic Data. “Median inflation expectations decreased in April at the one-year horizon to 6.3 percent from 6.6 percent in March. In contrast, median three-year-ahead inflation expectations…
Wall Street Bonuses Could Drop by 40 Percent in 2022: Analyst
May 6, 2022
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Wall Street bankers may be disappointed in 2022 as big financial firms are expected to cut bonuses by as much as 40 percent due to a fall in bank profits, according to predictions by Alan Johnson of compensation consulting firm Johnson Associates. In a May 5 report (pdf), Johnson explained that investment and commercial banking…
Inflation Forcing Americans to Change Summer Travel Plans
May 5, 2022
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High rates of inflation are forcing Americans to change their summer travel plans according to a March 2022 survey by Bankrate. In the survey, 69 percent of respondents said they changed travel plans due to rising costs. While 25 percent have decided to take fewer trips or travel a shorter distance, 23 percent are engaging…
19 Percent of Americans Have Cut Grocery Spending Due to Inflation: Survey
May 5, 2022
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Americans restricted their spending activities in the first quarter of 2022 amidst a rise in inflation according to American Consumer Credit Counseling (ACCC). Over 93 percent of respondents to ACCC’s first quarter Financial Health Index survey admitted that they were impacted by the rising cost of commodities, an April 25 press release said. While 19…
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