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Treasury secretary suggests Biden plans may require rate hikes, spooking investors
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April 11, 2021
U.S. Treasury Secretary Janet Yellen said that the economy could be at risk of overheating if the Biden administration’s spending proposals are approved, raising the prospect that the Federal Reserve could have to raise interest rates to address future inflation.
Her comments, which aired Tuesday and spooked investors, reignited fears raised by some economists and business leaders that trillions of dollars in new spending that the government has authorized since March 2020 could lead the Federal Reserve to take steps that cool off the economy.
The States That Spend the Most (and the Least) on Education
Several factors are behind the drastic differences in funding.
July 28, 2016 •
(TNS/Jose M. Osorio/Chicago Tribune) Public school spending varies dramatically from one part of the country to another. New York is the biggest spender, doling out more than $20,000 per student each year, counting teacher salaries, support services and all the other costs associated with public schools. On the opposite end of the spectrum, Idaho and Utah spend only about one-third as much.
Financial figures published by the U.S. Census Bureau depict wide variation in spending across states, regions and individual districts. Several factors help to explain the vast differences in spending. Here are a few key drivers:
Yellen suggests US interest rates may need to rise
Jeff Stein
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Washington | Treasury Secretary Janet Yellen said in remarks aired on Tuesday (Wednesday AEST) that the US economy could be at risk of overheating if the Biden administration’s spending proposals are approved.
She raised the prospect of interest-rate increases, which appeared to cause a selloff in the stock market.
US Treasury Secretary Janet Yellen.
AP
In an interview with
The Atlantic, Yellen defended the administration’s proposed spending programs but said that if approved they may require the central bank to raise interest rates to prevent the economy from expanding too rapidly.
The natural gas storage report from the EIA for the week ending April 23rd indicated that the amount of natural gas held in underground storage in the US rose by 15 billion cubic feet to 1,898 billion cubic feet by the end of the week, which left our gas supplies 302 billion cubic feet, or 13.7% below the 2,200 billion cubic feet that were in storage on April 23rd of last year, and 40 billion cubic feet, or 2.1% below the five-year average of 1,938 billion cubic feet of natural gas that have been in storage as of the 23rd of April in recent years..the 15 billion cubic feet that were added to US natural gas storage this week was more than the average forecast of a 9 billion cubic foot addition from an S&P Global Platts survey of analysts, but measured well below the average addition of 67 billion cubic feet of natural gas that have typically been injected into natural gas storage during the same week over the past 5 years, as well as well below the 66 billion cubic feet added to natur