Sub-Saharan Africa faces challenging external conditions, according to UNCTAD Report capitalethiopia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from capitalethiopia.com Daily Mail and Mail on Sunday newspapers.
Americans are continuing to spend, despite anxiety over the economy, making companies question their expectations of consumer spending habits during slower economic growth.
Rest of World News: South Korea's government plans to increase its budget spending for 2024 to nearly $497 billion, marking the smallest increase in two decades. The fina
ANKARA The Federal Reserve Chair Jerome Powell said Wednesday that reducing the record-high inflation in the United States will require a below-trend growth in the American economy for some time. "Reducing inflation is likely to require a sustained period of below-trend (economic) growth, and it will very likely be some softening of labor market conditions," Powell told a news conference after the conclusion of its two-day meeting. The Fed, in its much-anticipated meeting, raised its benchmark interest rate by 75 basis points for the third consecutive time to fight record inflation, carrying the target range for the federal funds rate to the 3.00 percent to 3.25 percent range. "We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%," Powell said. He said price stability serves as the bedrock of the American economy, adding "Without price stability, the economy does not work for anyone." Pow