U.S. Secretary of the Treasury Janet Yellen published a letter on May 22 warning of a debt default within as little as ten days. Inability to pay bills Yellen wrote in a letter to U.S. Congress: “… It is highly likely that Treasury will no longer be able to satisfy all of the government’s obligations […]
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Federal Reserve Chair Jerome Powell said on May 19 that the interest rates may not have to be increased as much as previously estimated to slow down the economy. Powell said that “developments” in the banking sector are resulting in tighter credit conditions which will likely impact economic growth and inflation. However, he added that the […]
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