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US Treasury Secretary Yellen: Fed is going to need skill and luck
“Fed is going to need skill and luck to bring inflation down while maintaining labor market strength,” said US Treasury Secretary Janet Yellen on Sunday during a CNN interview, reported Reuters.
Key quotes
Food and energy prices are having negative impact but labor market is strong.
Americans could experience a spike in gas prices in the winter when the European Union significantly cuts back on buying Russian oil.
A proposed Western price cap on Russia's oil exports is being designed to keep prices in check.
It's a risk, and it's a risk that we're working on the price cap to try to address.
The price cap is aimed at lowering revenue Russia could use to wage war in Ukraine while maintaining Russian oil supplies to keep global prices down.
Market implications
The news failed to witness any major marker reaction during the initial Monday morning in Asia. That said, the softer US dollar, however, helped the prices of gold whereas oil defends the latest rebound from the early 2022 lows.
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