Federal spending could drive a rise in interest rates, Janet Yellen says By Sarah Ewall-Wice
Updated on: May 4, 2021 / 4:44 PM / CBS News
The Federal Reserve may need to increase interest rates in the wake of President Joe Biden s push for trillions of dollars in new spending on infrastructure, childcare and education, Treasury Secretary Janet Yellen said Tuesday. Yellen s remarks came as she continues to promote the president s recently unveiled $1.8 trillion American Families Plan and his more than $2 trillion American Jobs Plan. Both packages follow passage of a $1.9 trillion American Rescue Plan to combat the economic downturn from the coronavirus pandemic. It may be that interest rates will have to rise somewhat to make sure that our economy doesn t overheat, Yellen said during a pre-recorded conversation for The Atlantic s Future Economy Summit. Yellen called the potential increases very modest and argued the spending would be investments ou
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Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 4, 2021. (AP Photo/Ahn Young-joon) Previous Next
Tuesday, May 04, 2021 10:20 am
Weak opening on Wall St led by healthcare, consumer stocks
ELAINE KURTENBACH | Associated Press
Shares are opening lower on Wall Street Tuesday led by the consumer discretionary and healthcare sectors. The S&P 500 was down about 0.5% in the first minutes of trading. Energy bucked the trend after Saudi Aramco said its profits soared by 30% in the first-quarter of the year, compared to last year, on the back of higher crude oil prices and recovering demand. IT services company Gartner led the gainers after nearly doubling analysts’ earnings forecasts in the first quarter. On Monday, Federal Reserve Chairman Jerome Powell said the economic outlook has “clearly brightened” in the United States, but the recovery remains
By JOE McDONALD
AP Business Writer May 5, 2021
May 5, 2021
BEIJING (AP) Major Asian stock markets advanced Wednesday after Wall Street fell, while Chinese and Japanese markets were closed for holidays.
Overnight, Wall Street s benchmark S&P 500 index lost 0.7%, dragged down by more declines for tech stocks including Apple and Microsoft.
The Hang Seng in Hong Kong was little changed at 28,561.70 while the S&P-ASX 200 in Sydney added 0.4% to 48,453.94.
New Zealand s benchmark lost 1.1%, Singapore was down 0.8% and Bangkok fell 0.7%.
“With relatively light news flow and macro data, price action in the region was subdued in holiday-thinned conditions,” Anderson Alves of ActivTrades said in a report.
Damian J. Troise And Alex Veiga
FILE - In this Jan. 27, 2021 file photo, pedestrians pass the New York Stock Exchange in New York. Stocks were solidly lower in early trading Tuesday, May 4, dragged down by banks and big technology companies like Apple and Google. (AP Photo/John Minchillo, File) May 04, 2021 - 2:28 PM
Technology companies dragged indexes lower on Wall Street Tuesday, pulling the market further from its recent all-time highs.
The S&P 500 fell 0.7%, erasing its gains from last week. Big technology companies like Apple and Microsoft fell as the sector declined for the sixth straight day. Losses in communications stocks and companies that rely on consumer spending also weighed on the market, offsetting gains by financial, industrial and materials stocks. Treasury yields fell slightly.
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