Page 29 - Us Economy

Janet Yellen says gasoline tax holiday worth considering as anti-inflation

Yellen said that research suggested that there was likely a higher pass-through rate for cutting higher state fuel taxes than the generally lower federal taxes

US economy will slow but recession not inevitable, says Janet Yellen

Treasury Secretary Janet Yellen said Sunday that she expects the US economy to slow in the months ahead, but that a recession is not inevitable. Yellen offered a dose of optimism even as economists grow increasingly worried about a recession fuelled by skyrocketing inflation and the Russian invasion of Ukraine. She also expressed an openness, during an interview on ABC's This Week, to a federal gas tax holiday to help give motorists some relief at the pump. Several lawmakers have floated the idea as the average price of gasoline hovers around $5 per gallon; the tax is 18.4 cents per gallon. That's an idea that's certainly worth considering, Yellen said when asked if the administration is weighing it. She added that President Joe Biden wants to do anything he possibly can to help consumers. And Energy Secretary Jennifer Granholm said it's one of the tools, but told CNN's State of the Union that part of the challenge with the gas tax, of course, is that it funds the roads. Yellen sa

Inflation will not fall to 2% target for two years, says Fed's Mester

Cleveland Federal Reserve Bank President said she was not predicting a recession despite slowing growth

Cloudy valuations give investors pause in buying beaten-up US stocks

Market volatility and a rapidly changing macroeconomic landscape have clouded metrics that investors typically use to value stocks

Investors brace for recession, more mkt turmoil after Fed's supersized hike

The S&P is down 22.2% year-to-date and is in a bear market

US weekly jobless claims fall modestly; housing starts hit 13-month low

Weekly jobless claims fall 3,000 to 229,000; continuing claims rise 3,000 to 1.31 mn

Higher unemployment rate looms in US as Fed fights inflation: Report

US Federal Reserve officials are beginning to signal that their efforts to tackle scorching inflation by raising interest rates may lead to higher unemployment, said a report

Joe Biden focuses on workers as high US inflation remains a risk

Joe Biden said he is working to rebuild the US economy around workers, an attempt to draw a contrast with Republicans who have increasingly attracted blue-collar votes

US equities tumble, S&P 500 confirms bear market as recession worry grows

US equities tumbled on Monday, with the S&P 500 confirming it is in a bear market, as fears grow that the expected aggressive Fed rate hikes would push the economy into a recession

Reflections of a US trip

There is positive sentiment for India, but in the short-term foreign selling will continue

Binance US exchange sued by crypto investor over stablecoin collapse

In the lawsuit against Binance and CEO Brian Shroder, Utah resident Jeffrey Lockhart said Binance falsely advertised Terra USD as backed by fiat currency, when in fact it was an unregistered security

US household wealth declines for first time in 2 years in 1st quarter

US household wealth has declined by more than $500 billion from record figures of previous year

Gold prices dip on firm dollar, treasury yields; US inflation data in focus

Spot gold fell 0.1% to $1,850.10 per ounce by 1012 GMT, while U.S. gold futures were flat at $1,851.90

Treasury Secretary Janet Yellen expects US inflation to 'remain high'

Treasury Secretary Janet Yellen acknowledged that she and Fed chair Jerome Powell could have used a better word than transitory when describing the expected run of inflation in the US economy

US faces 'unacceptable levels of inflation': Yellen tells senators

US Treasury Secy said she saw bulk of inflation being caused by supply and demand mismatches, including excessive demand for goods over services during the pandemic and severe supply chain disruptions

US recession imminent and inevitable? Not if the Fed can thread the needle

"I still think we're going to navigate through without a recession. But obviously it's going to be very, very tight because risks are very high," Moody's Mark Zandi said

Goldman's Lloyd Blankfein urges 'dial back' on negativity over economy

Lloyd Blankfein's comments came the same day that Elon Musk said Tesla Inc. will cut its salaried workforce by 10%.

Tesla pauses all hiring. Need to cut staff by 10%, says Elon Musk

Tesla CEO Elon Musk said he had a "super bad feeling" about the economy and that the electric carmaker needed to cut staff by around 10%

Solid US job growth anticipated in May; unemployment rate seen at 3.5%

The Labor Department's closely watched employment report on Friday, also expected to show strong wage gains last month

Dollar wobbles as traders await update on US jobs data, cues on Fed hike

Markets have locked in consecutive 50-basis-point Fed hikes in June and July but the dollar has been pushed around this week by uncertainty about what happens after that