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Added on the 28/07/2021 20:50:44 - Copyright : AFPTV - First images
Inflation may be rearing its ugly head in the US economy sooner than predicted. According to Business Insider, a recovery of the US's hardest-hit businesses could drive a faster-than-expected rebound for inflation. The US Federal Reserve aims to reach inflation of at least 2% before considering lifting its benchmark interest rate. However, price growth has trended below that level for years and fell further at the start of the pandemic. Kansas City Fed President Esther George said Tuesday that struggling industries could be placing outsized downward pressure on inflation. She added that a swift economic reopening could see businesses in travel and hospitality could rapidly bounce back--thereby driving inflation higher.
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed. If confirmed, Yellen will face an immense set of challenges, including the pandemic, unemployment, and widespread housing and food insecurity. With both parties fiercely divided on its size and reach for months, Congress still hasn't approved a second coronavirus economic aid package.
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