Edited by: Li Zedong
According to a CCTV News report on June 11, Recently, the inflation rate in the United States has been high. U.S. Treasury Secretary Janet Yellen recently admitted in an interview that the increased sanctions on Russia have already affected the United States. The economy will have a "huge" impact, and the U.S. economic growth trend will slow down as a result.
U.S. Treasury Secretary Janet Yellen (Photo source: Xinhua News Agency)
Yellen said that the increased sanctions against Russia have had side effects, and the sanctions have had a "huge impact" on rising domestic food and energy prices in the United States.. In the future, as the United States continues to expand sanctions, gasoline prices across the United States may continue to rise, and the U.S. economic growth trend will slow down.
U.S. President Biden said in Los Angeles on the 10th that nationwide inflation will "continue for some time" in the future, and the American people need to continue to be patient. In an environment where prices are generally rising, the wages of American employees have shrunk significantly, and the daily lives of ordinary people have been seriously affected.
Image source: CCTV News
Washington, DC interior designer Baldi: is absolutely shocking, so shocking, this is the most expensive gas bill I have ever paid.
Image source: CCTV News
Maryland resident Bentula: I don’t know what they (the government) can and cannot do, but they need to solve the problem (inflation).
It is reported that after the conflict between Russia and Ukraine broke out, the United States and other Western countries announced multiple rounds of sanctions against Russia, involving finance, energy, food, manufacturing and other fields.
According to CCTV News, on June 10, local time, the U.S. Department of Labor released data showing that the U.S. Consumer Price Index (CPI) rose by 1.0% month-on-month and 8.6% year-on-year in May. The year-on-year increase hit a 40-year high.
Specific data shows that the U.S. CPI increased by 1% month-on-month in May, significantly higher than the market's previous expectations of 0.7% and April's 0.3%; this caused the data to increase by 8.6% year-on-year, the largest year-on-year increase since December 1981. And higher than market expectations of 8.3%.
In addition, core CPI increased by 0.6% month-on-month in May, which was consistent with April and did not drop to 0.5% as the market expected; core CPI increased by 6% year-on-year, higher than market expectations of 5.9%.
Federal Reserve Chairman Powell (Photo source: Visual China-VCG111345409747)
Analysis said this may increase the possibility that the Federal Reserve will raise interest rates by 450 basis points in the next three meetings. . CME Group's "Fed Watch" shows that U.S. interest rate futures predict that the federal funds rate will reach 2.985% at the end of December, which means that the Federal Reserve will raise interest rates by about 215 basis points this year.
Many economists recently warned that the United States may face a long period of high inflation . As the Federal Reserve begins a rate hike cycle to deal with inflation, outsiders are worried that radical interest rate hikes may trigger an economic recession.
According to Xinhua News Agency news on June 10, the U.S. gasoline price tracking company "Gasoline Partner" confirmed on the 9th that the average price of gasoline in the United States exceeded $5 per gallon (3.785 liters) for the first time. Treasury Secretary Janet Yellen said gasoline prices are unlikely to fall quickly.
"Gasoline Partner" company posted on its official website that the price of gasoline in the United States has continued to rise for several months, and there has been a seasonal surge in demand when the supply is restricted due to the COVID-19 epidemic. The average price of gasoline has exceeded the $5 per gallon mark.
Daily Economic News Comprehensive CCTV news, Xinhua News Agency, public information
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