Cleveland Federal Reserve Bank president Loretta Mester says even though she is not predicting a recession, it will take time to get the economy under control.
| Recession risks are growing, and it will take “a couple of years” for inflation to return to the US Federal Reserve’s target of 2 per cent, Loretta Mester, president of the Cleveland Fed, said on Sunday .
“It isn’t going to be immediate that we see 2 per cent inflation; it will take a couple of years, but it will be moving down,” she said.US Treasury secretary Janet Yellen conceded on Sunday that the economy would slow, but said a recession was not inevitable. Fed governor Christopher Waller said at the weekend he would support another 0.75 basis point interest rate rise at the central bank’s next meeting in July if, as expected, data show that inflation had not moderated enough.
Ms Yellen reiterated the Biden administration’s argument that Russia’s war on Ukraine was partly to blame for high inflation because it had boosted global food and energy prices. Supply chain disruption from lockdowns in China was also contributing, she said. Though these factors would not change immediately, she said she expected inflation to subside.
Mr Deese said Mr Biden was working with Congress on legislation to lower costs, including for prescription drugs and utilities.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hamish Blake takes out Gold Logie as TV’s biggest night returns after two yearsThe popular host also took home the inaugural Bert Newton Award for Most Popular Presenter on a winning night for Lego Masters Australia.
Read more »
Hamish Blake takes out Gold Logie as TV’s biggest night returns after two yearsLego Masters host hamishblake emerged as Logies night’s golden boy, winning the Gold Logie for most popular personality on Australian TV, and pocketing the inaugural Bert Newton Award for most popular presenter | michaelidato
Read more »
Sudanese museums seek return of artefacts taken by British colonisersItems include armour, banners, and two skulls taken from Omdurman battlefield
Read more »
‘Double whammy’: Super funds are set for their worst year since the GFCThe typical super fund is set to post negative returns this financial year, in the worst performance since the global financial crisis.
Read more »
Canadian Grand Prix: F1 – live!The Canadian GP returns to the calendar for the first time in three years. Join Alex Hess
Read more »
Family reunited with stolen war medals unearthed by person mowing lawnA precious set of World War II war medals have been returned to the relieved daughter of a veteran, five years after they were stolen from her Melbourne home.
Read more »