Minister of Finance Janet Yellen The US reportedly has “more work to do” to contain the worst rise in inflation since the 1980s, after September consumer prices rose 8.2% yoy.
For inflation: “While there have been favorable indicators of the elimination of supply chain bottlenecks and pressures on the labor market, we need to see sustained progress,” Yellen said at the start of a meeting with European commissioners Valdis Dombrowskis and Paolo Gentiloni in Washington, Bloomberg reported.
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This is the seventh month in a row that US consumer price inflation has exceeded 8%. Core inflation, which includes the more volatile components of food and energy, rose to 6.6%, the highest in 40 years, the report said.
The market oscillated wildly on Thursday following the release of US consumer price inflation data SPDR S&P 500 ETF Trust SPY closed over 2.6% higher on Thursday during the Vanguard Total Bond Market Index Fund ETF BND lost over 0.35%.
To Russia: On Thursday, Yellen also hailed the “significant progress” made by countries trying to sanction Russia for its invasion of Ukraine.
Yellen also credited European Union countries for joining efforts to limit the price of Russian oil exports. “This cap will help us keep global energy markets supplied even as we cut Putin’s main source of income,” she said.
On Wednesday at a Bretton Woods Committee Yellen said the US is working to strengthen its supply chains and protect itself from “geopolitical duress” from Russia, China and others. She also noted that the world economy was confronted with “considerable headwind”.
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