Tag: interest rate hikes

Biden touts federal deficit: ‘Largest one-year drop in American history’

President Biden on Friday touted recent figures showing the federal budget deficit fell by $1.4 trillion in fiscal 2022 from the prior year’s levels as Democrats work to fend off Republican attacks on the economy and inflation ahead of the midterm elections. Biden boasted the decline as “the largest one-year drop in American history” in […]

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Yellen warns of acute ‘spillover’ effects of interest rate hikes on developing countries

Treasury Secretary Janet Yellen on Thursday acknowledged the negative effects that continued interest rate hikes by the U.S. Federal Reserve and other central banks are having outside U.S. borders. “For major economies facing high inflation, the immediate task is to return to an environment of stable prices. Central banks bear the prime responsibility. But it […]

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Why the Fed is pushing unemployment higher

Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs.  Fed officials expect the unemployment rate to rise to 4.4 percent next year, up from 3.7 percent in August, as they jack up borrowing costs and slow […]

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