According to Rous, who served as the White House of Economists’ chair, the US government under President Joe Biden will cut expenditures “to the utmost extent practicable.”
But she added that one aspect of inflation is related to the high energy costs brought on by the conflict in Ukraine.
In order to lower inflation, which is still high and far beyond its 2 percent target, it is anticipated that the US Central Bank would increase the benefit by 75 basis points for the fourth consecutive meeting.
It is interesting to note that the American economy contracted by 0.6% in the second quarter of this year, following a 1.6% contraction in the first quarter, amid worries about becoming caught in the economic crisis trap while interest rates are still rising.
White House: The US Central Command’s economic stabilisation initiatives have started.
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