Kuala Kubu Baru by-election: DAP wants Meta to shut down its KKB candidate Pang Sock Tao’s fake Facebook accountUS Treasury Secretary Janet Yellen attends an interview with Reuters Editor in Chief Alessandra Galloni in Washington April 25, 2024.
Yellen downplayed the inflation jump and said she did not see that as indicating that unemployment needed to increase or other areas of the economy needed to cool to return inflation to the Fed’s 2 per cent target.“The fundamentals here are in line with inflation continuing back down to normal levels,” Yellen said.
“The headline figure was off a little bit but for reasons that are peculiar and not really indicative of underlying strength,” she added. She said that while Chinese policymakers have acknowledged they have a problem with excess industrial capacity for electric vehicles, solar panels and other clean energy goods, they need to address it. The issue was “discussed intensively” last week at a US-China meeting on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington, she said.
The Biden administration is completing a review of the “Section 301” unfair trade tariffs on Chinese imports imposed by former President Donald Trump in 2018, which US officials have said could lead to higher tariffs on some products. Biden last week called for the review to triple the Section 301 duties on Chinese steel to 25 per cent.