Janet Yellen recommends avoiding higher interest rates
The US Treasury Department doubts the necessity to increase the key interest rate. Treasury Secretary Janet Yellen supposes that there are no reasons for higher interest rates at the moment.
“I don’t think there’s going to be an inflationary problem, but if there is, the Fed can be counted on to address it,” Ms. Yellen said at The Wall Street Journal’s CEO Council Summit.
Notably, economists have long been debating a possible surge in US inflation amid large government spending. They have also tackled the influence of the government’s actions on the US economic indicators. The US economic recovery has caused even fiercer debates.
Since the beginning of the year, Fed’s Chairman Jerome Powell has repeated several times that inflation is likely to rise as the economy recovers. He also thinks that it will be temporary and will hardly lead to a raise in the key interest rate.
“It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat, even though the additional spending is relatively small relative to the size of the economy,” Janet Yellen said, making it clear that this will not happen anytime soon. Such an announcement had a significant influence on the markets. The fact is that these comments belong to a person who is well aware of how the US Fed and the US Treasury Department work.
Johnson wants to build flagship to promote British trade
Prime Minister Boris Johnson has proposed a strange way of representing the United Kingdom around the world. The politician suggested building a huge flagship that would enter foreign sea ports and promote British trade and investment.However, not everyone has welcomed the prime minister's idea. Boris Johnson faced backlash from businesses and the public.
13:53 2021-06-11 UTC+00
China becomes UK’s biggest single import market
The coronavirus pandemic has helped China become the UK's biggest single import market for the first time since records began. Although UK residents, unlike other countries, are not thrilled about goods from China, the demand for Chinese textiles to manufacture face masks and other personal protective clothing has reached record highs.
13:44 2021-06-11 UTC+00
US farmers bet sustainable eggs to be next big thing
Recently, there have been lots of reasonable and quite wild proposals on how to combat climate change. For instance, in the US, farmers are sure that they will save the planet by producing eco-friendly eggs.The new approach allows farmers to lock in greenhouse gases in the soil, which means that the new type of eggs is more sustainable and makes no harm to nature.
12:19 2021-06-11 UTC+00
James Bond for home delivery from Amazon
There could be more good cinema in the future. Competition in the ruthless yet beautiful world of streaming is getting more serious as Amazon joins the race. The largest e-commerce retailer has announced the purchase of legendary Metro-Goldwyn-Mayer.As a result of a $8.45 billion deal, Amazon will get access to an impressive library of films and TV shows.
13:56 2021-06-10 UTC+00
Sweden revives its economy without tough quarantine measures
Global economic experts were really surprised by the news that Sweden managed to return its economy to pre-crisis levels. Notably, Sweden was the first among the countries that refused to impose restrictive measures to curb the coronavirus spread.Recently, the country reported on a rise in exports and domestic consumption.
13:53 2021-06-10 UTC+00
JPMorgan CEO recommends staying away from cryptocurrencies
According to JPMorgan Chase CEO Jamie Dimon, only a few players will be able to outplay bitcoin and other crypto assets in the digital market. He recommends that investors "stay away" from cryptocurrencies. "My own personal advice to people is stay away from it. That does not mean the clients don’t want it. This goes back to how you have to run a business.
12:40 2021-06-10 UTC+00