Week InReview: June 23, 2023

Unrelenting inflation.

Janet Yellen. Photo: Al Drago | Bloomberg

Treasury Secretary Janet Yellen said she sees a diminishing risk of the US falling into recession, suggesting that a slowdown in consumer spending may be the price to pay for finishing the campaign to contain inflation. Her comments came after Federal Reserve Chair Jerome Powell said returning US inflation to 2% was crucial to support the long-term health of the US economy, and that one or two more interest-rate increases may be needed this year. Meanwhile, rate hikes are echoing around the world as global inflation proves unrelenting.

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