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The Latest Breaking News from Inflation

Janet Yellen says US inflation at 'unacceptable levels', ASX rises but banks make big losses on rate hikes

The US Treasury secretary says North America is facing unacceptable levels of inflation. Meanwhile, the ASX regains some ground lost in yesterday's super-sized interest-rate-rise-fuelled rout, but the banks see their worst day in a year. Australian dollar rises on the RBA's super-sized interest rate increase.

ABC News

Janet Yellen warns inflation is likely to stay high

Treasury Secretary Janet Yellen told US lawmakers peppering her Tuesday with questions about the surge in the cost of living that inflation is likely to stay high and that she ought not to have termed big price increases as “transitory” last year.

Tribune News Service

The RBA interest rate rise will hit WA most, and it's not just mortgage loan holders who will hurt

With the highest inflation rate in the nation, West Australia is expected to be hit especially hard by the interest rate hike, leaving many questioning how they're going to manage.

ABC News

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3 Growth Stocks to Buy if You Think Inflation Has Peaked

A slightly lower consumer price index in April and expectations of a flat or lower CPI in May indicate inflation may have peaked. Yesterday, the major U.S. stock indices increased slightly as leading growth stocks rallied. Given this backdrop, we think it could be wise to invest in the shares…

StockNews.com

Letters to the Editor: June 2022

On patient rights, self-diagnosis, and the high stakes of rising inflation

The Walrus

The shadows over global growth recovery are long

The developing economies have to prepare for tighter financial conditions and spillovers from geopolitical volatility

The Hindu

Janet Yellen tells Congress US faces ‘unacceptable levels of inflation’

Treasury secretary admits she regrets describing inflation as ‘transitory’ and says it is ‘top economic problem at this point’

The Guardian - US

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Yellen: inflation to 'remain high;' hopes it's 'coming down'

Treasury Secretary Janet Yellen has acknowledged that she and Federal Reserve Chair Jerome Powell “could have used a better word” than transitory when describing the expected run of inflation in the U.S. economy

The Independent UK

Chalmers does not see risk of recession

Treasurer Jim Chalmers says he is not worried about the Australian economy going into recession, but he acknowledges inflation poses a major challenge.

AAP

NSW public service strike after pay offer

NSW public sector workers are on strike, saying they deserve a pay rise above inflation after a decade of wage restraint.

AAP

Defence faces budget blowout with Aukus nuclear submarines to cost more than scrapped French project

New analysis says major programs often end up costing more than is budgeted for and predicts inflation will impact on defence budgets

The Guardian - AU

First homebuyers will likely be hit hardest by Australia’s interest rate rises

Analysts warn economic consequences of RBA’s ‘blunt instrument’ attempt to limit inflation will fall disproportionately on outer suburbs

The Guardian - AU

Why Stagflation Could Polarize Gold And Silver

As the Federal Reserve maintains a dovish tone, bond yields have risen and the dollar remains strong. As a result, while forecasts on gold have lowered, the risk that central banks may have overdone it could send its value soaring —especially if inflation remains elevated while economic growth continues to…

Benzinga

Yellen says U.S. faces "unacceptable levels" of inflation

Yellen made waves last week by admitting that she had been "wrong about the path inflation would take."

Axios

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The Independent UK

Treasury Secretary Yellen says US faces ‘unacceptable levels of inflation’

Yellen says president’s proposed spending legislation could help lower costs for Americans, including for prescription drugs and clean energy initiatives

StockNews.com

Dogs of the Dow: 4 Stocks to Buy Now

Market sentiment was mostly unchanged on Monday, as investors await the May inflation report. Given the market uncertainties, we think investing in high-yielding dividend stocks that are part of the Dow Jones index—commonly known as the Dogs of the Dow—might the ideal strategy now. And our top choices among these…

Benzinga

Cracker Barrel Q3 Earnings Miss Estimates; Warns On Inflationary Pressures

Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) reported third-quarter FY22 sales growth of 11% year-on-year to $790.2 million, missing the consensus of $795.52 million. Comparable store retail sales increased 9.7%, and comparable store restaurant sales grew 10.9%. General and administrative expenses increased 8% Y/Y to $40.2 million. The operating margin was 3.9%, and…

StockNews.com

Think Inflation Has Peaked? Then Consider Buying These 5 Consumer Discretionary Stocks

The Consumer Price Index is expected to remain flat in May. Furthermore, the leading indicators of inflation are showing signs of easing. So, we think investors who believe inflation has peaked could now look to add the stocks of consumer discretionary companies O’Reilly Automotive (ORLY), InterContinental Hotels (IHG), Darden Restaurants…

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The Independent UK

World Bank dims outlook for global economy amid Russia war

The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth unseen for more than four decades

The Guardian - UK

Return to the 70s: World Bank warns of weak growth and high inflation

Stagflation feared as global economy suffers fallout from Covid pandemic and Russian invasion of Ukraine

The New Daily

Challenges loom large for new Albanese government

Members of the Albanese government say they do not need to exaggerate when discussing the challenges stretching out before them.

The New Daily

‘A taste of what’s to come’: Home owners slugged with second rate hike

Home owners could see their monthly mortgage bills rise by hundreds of dollars in coming weeks after a second RBA rate hike in as many months.

Axios

Housing affordability collapses at fastest clip on record

The cost of housing is a major source of irritation for the American public after two years of pandemic restrictions and persistent inflation.

Birmingham Post

Cazoo to cut 750 jobs in bid to save more than £200m

Cazoo said its costs have been driven up by rising inflation and interest rates

WEKU

Inflation is raising prices on almost everything, except rotisserie chicken

While chicken prices nationwide have increased, retailers such as Costco and BJ's are still selling rotisserie chickens for under $5. That's part of a broader strategy.

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