Yellen tells world's big economies: spend big, danger lurks
U.S. Treasury Secretary Janet Yellen on Thursday warned of the risk of a permanent divergence in the global economy in the wake of the COVID-19 crisis, and urged major economies to inject significant new fiscal support to secure a robust recovery.
In a statement to the steering committees of the International Monetary Fund and the World Bank, Yellen underscored the need for major economies to continue supporting developing countries as they grapple with the COVID-19 pandemic, climate change and high debt burdens.
She urged the World Bank to help countries, particularly the world’s poorest, get timely access to COVID-19 vaccines, and backed accelerated negotiation to replenish the World Bank’s International Development Association fund for the poorest countries - a goal the bank aims to reach by December.
Powell's speech
Federal Reverse chairman Jerome Powell signaled on Thursday that the economic rebound from the pandemic still has room to go as the recovery thus far hasn’t been well-rounded.
Powell also repeated that inflation is not expected to be serious even though near-term price pressures are likely.
Powell says he is not focused on possible second term as Fed chair
Federal Reserve Chair Jerome Powell on Thursday deflected a question about whether he is likely to serve a second term at the helm of the U.S. central bank, when it is expected to face the challenge of unwinding some of its extraordinarily easy policies.
Reference: CNBC
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