WASHINGTON: Soaring US inflation rates are “not acceptable” but the health of the world’s largest economy is fundamentally sound thanks to policies that have mitigated the impact of the pandemic, Treasury Secretary Janet Yellen told AFP. Yellen conceded in an interview she is “concerned” about inflation running at its highest level in decades, and warned … Read more
ARLINGTON: The used car market in the United States is seeing an unprecedented phenomenon: owners selling vehicles for as much or more than they paid for them. The strange twist comes as a global shortage of computer chips amid the Covid-19 pandemic has stalled auto manufacturing, fueling a price increase for used vehicles, which in turn … Read more
WASHINGTON: US inflation is “too high” and the Federal Reserve will make the issue a priority, Lael Brainard, the nominee to take the number-two position at the central bank, said Wednesday. The Fed’s “most important task” is to focus on “getting inflation back down to two per cent while sustaining a recovery that includes everyone,” Brainard … Read more
WASHINGTON: The US consumer prices jumped last year at the fastest pace in four decades, the government confirmed on Wednesday, underscoring the potent inflation wave that has sapped public support for President Joe Biden even as the economy recovers from the pandemic. The seven per cent increase in the Labor Department’s consumer price index (CPI) over … Read more
