US Inflation Will Be Much Lower by End of 2023 – Yellen

CensorBiz Бізнес, Новини, Статті, Суспільство 0 Comment

U.S. Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in U.S. 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’ ’60 Minutes’ in an interview released Sunday.

Asked about the likelihood of recession, the former Federal Reserve chair said, “There’s a risk of a recession. But … it certainly isn’t, in my view, something that is necessary to bring inflation down.”

Yellen’s comment came days before the Fed is expected to slow the aggressive pace of interest rate increases it has pursued this year. Fed Chair Jerome Powell has telegraphed a smaller, half-of-a-percentage point increase in the policy rate, to a range of 4.25%-4.5%, after four 75-basis point hikes this year.

Yellen told CBS that economic growth was slowing substantially, inflation was easing and she remained hopeful that the labor market would remain healthy.

She said she hoped the spike in inflation seen this year would be short-lived and said the U.S. government had learned “a lotta lessons” about the need to curtail inflation after high prices seen in the 1970s.

Shipping costs had come down and long delivery lags had eased, while gasoline prices at the pump were “way down.”

“I think we’ll see a substantial reduction in inflation in the year ahead,” she said.
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Saudi Energy Minister Sees No Clear Results Yet From Russia Price Cap

CensorBiz Бізнес, Новини, Статті, Суспільство 0 Comment

Saudi energy minister Prince Abdulaziz bin Salman said Sunday the impact of European sanctions on Russian crude oil and price cap measures “did not bring clear results yet” and its implementation was still unclear.

The Group of 7 price cap on Russian seaborne oil came into effect Monday as the West tries to limit Moscow’s ability to finance its war in the Ukraine.

Russia has said it would not abide by the measure even if it must cut its production.

“What is happening now in terms of sanctions and price caps imposed and all of it really did not bring clear results, including measures implemented on Dec. 5, we see a state of uncertainty in implementation,” Prince Abdulaziz told a forum held following the country’s 2023 budget announcements in Riyadh.

Prince Abdulaziz said Russia’s reaction and what actions it would take in response to these tools was another aspect that needed to be taken into consideration when looking at the state of play in global markets.

“These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes,” he said, referring to the price cap.

Other factors affecting the market going into 2023 include China’s COVID-19 policies. The impact on China’s economy from easing Covid restrictions still “needs time,” he said.

Central banks’ actions to tame inflation were also still a factor.

“Central banks are still preoccupied with managing inflation, no matter the cost of these measures and their possible negative impact on global economic growth.”

The OPEC+ alliance decision to cut production by 2 million barrels per day on Oct. 5 was proven to be the correct one when recent developments are taken into consideration, he said.

The alliance, which groups together members of The Organization of Petroleum Exporting Countries and allies including Russia, last met on Dec. 4 and decided to keep output unchanged amid a weakening economy and uncertainty over how the Russian price cap would affect the market.

Prince Abdulaziz said the alliance would continue to focus on market stability in the year ahead.

He also said he insisted that every OPEC+ alliance member take part in decision-making.

“Group action requires agreement and therefore I continue to insist that every OPEC+ member, whether a big or small producer…be a part of decision-making,” Prince Abdulaziz told the forum.

“Consensus has positive implications on the market.”
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Kari Lake Challenges Her Defeat in Arizona Governor’s Race

PolitCens Новини, Політика, Суспільство 0 Comment

Kari Lake, the Republican defeated in the Arizona governor’s race, is formally challenging her loss to Democrat Katie Hobbs, asking a court to throw out certified election results from the state’s most populous county and either declare her the winner or rerun the governor’s election in that county.

The lawsuit filed late Friday by Lake centers on long lines and other difficulties that people experienced while voting on Election Day in Maricopa County. The challenge filed in Maricopa County Superior Court also alleges hundreds of thousands of ballots were illegally cast, but there’s no evidence that’s true.

Lake has refused to acknowledge that she lost to Hobbs by more than 17,000 votes.

The Donald Trump-endorsed gubernatorial candidate has bombarded Maricopa County with complaints, largely related to a problem with printers at some vote centers that led to ballots being printed with markings that were too light to be read by the on-site tabulators.

Lines backed up in some polling places, fueling Republican suspicions that some supporters were unable to cast a ballot, though there’s no evidence it affected the outcome. County officials say everyone was able to vote and all legal ballots were counted.

Lake sued Maricopa County officials and Hobbs in her current role as Arizona’s secretary of state.

Sophia Solis, a spokesperson for the secretary of state’s office, said Lake’s lawsuit was being reviewed but had no other comment on the filing.

Jason Berry, a Maricopa County spokesperson, declined to comment on Lake’s request to throw out the county’s election results in the governor’s race. But he said the county “respects the election contest process and looks forward to sharing facts about the administration of the 2022 general election and our work to ensure every legal voter had an opportunity to cast their ballot.”

Hobbs in a post on her Twitter account called the lawsuit “Lake’s latest desperate attempt to undermine our democracy and throw out the will of the voters.” She posted a statement from her campaign manager that called the lawsuit a “sham” and said her camp remained focused on “getting ready to hit the ground running on Day One of Katie Hobbs’ administration.”

Lake’s lawsuit says Republicans were disproportionately affected by the problems in Maricopa County because they outvoted Democrats on Election Day 3-1. GOP leaders had urged their voters to wait until Election Day to vote.

In late November, Lake filed a public records lawsuit demanding Maricopa County hand over documents related to the election. She was seeking to identify voters who may have had trouble casting a ballot, such as people who checked in at more than one vote center or those who returned a mail ballot and also checked in at a polling place.

During the summer, a federal judge also rejected a request by Lake and Mark Finchem, the defeated Republican candidate for secretary of state, to require hand counting of all ballots during the November election.

The judge has since sanctioned lawyers representing Lake and Finchem, saying they “made false, misleading, and unsupported factual assertions” in their lawsuit. The lawyers told the court that their claims were “legally sound and supported by strong evidence.”

Hobbs in her role as secretary of state has petitioned a court to begin an automatic statewide recount required by law in three races decided by less than half a percentage point.

The race for attorney general was one of the closest contests in state history, with Democrat Kris Mayes leading Republican Abe Hamadeh by just 510 votes out of 2.5 million cast.

The races for superintendent of public instruction and a state legislative seat in the Phoenix suburbs will also be recounted, but the margins are much larger.
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Омбудсмен оцінив можливість обміну представників УПЦ (МП) на утримуваних у Росії українців

SocNet Новини, Політика, Суспільство 0 Comment

В УПЦ (МП) раніше закликали «не розпалювати внутрішню війну», а звинувачення у колабораційній діяльності на адресу деяких священників називали «недоведеними та безпідставними»
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