US Treasury Secretary Janet Yellen has predicted a substantial reduction in US inflation in 2023, barring an unexpected shock.
“I believe by the end of next year, you will see much lower inflation if there’s not … an unanticipated shock,” she told CBS’s 60 Minutes on Sunday.
Asked about the likelihood of a recession, the former Federal Reserve chairwoman said: “There’s a risk of a recession. But … it certainly isn’t, in my view, something that is necessary to bring inflation down.”
Ms Yellen’s comments came days before the Fed is expected to slow the aggressive pace of interest rate increases it has pursued this year.
Fed Chairman Jerome Powell has telegraphed a smaller, half-of-a-percentage point increase in the policy rate, to a range of 4.25 per cent to 4.5 per cent, after four 75-basis point increases this year.
Ms Yellen told CBS that economic growth was slowing substantially, inflation was easing and she remained hopeful that the labour market would remain healthy.
She said she hoped the spike in inflation seen this year would be short lived, and said the US government had learnt “a lot of lessons” about the need to curtail inflation after high prices seen in the 1970s.
Shipping costs have come down and long delivery lags have eased, while petrol prices are “way down”.
“I think we’ll see a substantial reduction in inflation in the year ahead,” she said.
The 15 players selected
Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Allardyce's management career
Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)
Countries (1) - England (2016)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
