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On September 18, BlackRocks Vivek Paul said in a report that investors may pay more attention to the UKs long-term government bond yields before the UKs autumn budget is announced on November 26. Concerns about the expansion of government borrowing are putting upward pressure on sovereign bond yields in most developed markets. The Bank of England has announced that it will reduce the scale of quantitative tightening to 70 billion pounds in the next year starting in October, which is lower than the level of 100 billion pounds in the past 12 months, which means that the pace of quantitative tightening will slow down. The Bank of England also pointed out that the proportion of long-term government bonds in future government bond sales will be lower than that of medium- and short-term government bonds. Paul said: "Policymakers hope that these measures will help ease the upward pressure on long-term government bond yields that is unique to the UK."Governor of the Republic of Bashkortostan, Russia: The Salavat refinery continues to operate normally.On September 18th, the Federal Reserve announced its first interest rate cut in 2025 and hinted at further rate cuts in the future. Risk appetite permeated Wall Street, and U.S. stocks rose sharply. Thursdays rise in U.S. stocks marked a reversal of traders initial reaction to the Feds decision in the previous trading day, when Wall Street took profits on over-performing technology stocks. Robert Schein, chief investment officer of wealth management firm Blanke Schein, said: "The Fed is cutting interest rates at a time when the stock market is at a record high and the economy is still growing. This is a very unique context, as Fed rate cuts are usually related to economic problems. This dynamic is beneficial to the stock market."The U.S. Conference Board Leading Index monthly rate for August will be released in ten minutes.A U.S. judge ruled against Venezuelas state-run oil company, saying its 2020 defaulted bond issuance was valid.

Yellen of the US Treasury Thinks the Fed Can Reduce Inflation Without Sparking a Recession

Skylar Shaw

May 13, 2022 10:14

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Because of the healthy employment market and household balance sheets in the United States, low loan costs, and a strong banking sector, US Treasury Secretary Janet Yellen thinks the Federal Reserve can drive inflation down without precipitating a recession.


"All of those characteristics imply that the Fed has a route to bring down inflation without precipitating a recession," Yellen told the House Financial Services Committee on Thursday. "I know it will be their mission to try to do that."


During a hearing on the activities of the Financial Stability Oversight Council, Yellen said that inflation is the "No. 1 economic challenge" confronting the country and the Biden administration.


"It has a significant negative effect on many disadvantaged families." And we're laser-focused on combating inflation," Yellen added, reiterating the Biden administration's attempts to keep gasoline costs down by releasing significant amounts of crude oil from the Strategic Petroleum Reserve and reopening clogged U.S. ports.


Republican senators tried to persuade her to blame rising inflation on the Biden administration's $1.9 trillion COVID-19 relief spending plan last year, but she refused.


Yellen said that a number of reasons were driving up inflation, including energy price hikes as a result of Russia's war of Ukraine and ongoing pandemic-related supply chain issues, as well as high inflation in other nations.


"It does illustrate that there are elements other than expenditure that are crucial to inflation in the United States," she added.


The labor market in the United States remained tight on Thursday, with producer price inflation slowing from 1.6 percent in March to 0.5 percent in April, according to Labor Department data.

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