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On October 25th, local time, Sudans Rapid Support Forces (RSF) announced their control of Bara, a major city in North Kordofan State, central Sudan. The statement stated that the RSF launched a full-scale offensive against the Sudanese Armed Forces (SAF)-held city, inflicting thousands of casualties and injuring hundreds, ultimately securing full control of the city. The statement also stated that retaking Bara is a significant step toward full control of the Kordofan region. The SAF has yet to respond to the statement.Pakistans Defense Minister: We see Afghanistans desire for peace, but failure to reach an agreement will mean open war.On October 25th, local time, the second round of ceasefire talks between Pakistan and Afghanistan began in Istanbul, Turkey. The talks were hosted by Turkey and held at an Istanbul hotel. The Pakistani delegation included the militarys director of operations and security and intelligence officials. The Afghan delegation was led by Deputy Interior Minister Rahmatullah Najeeb.On October 25th, Belgorod Oblast Governor Ilya Gladkov announced that Ukrainian armed forces had damaged the Belgorod Reservoir Dam. He stated that Ukrainian forces might attempt to attack and destroy the dam again. If this were to happen, several streets in riverbanks and settlements near Kharkiv Oblast would be flooded, impacting the lives of approximately 1,000 residents. Gladkov stated that local authorities have advised residents at risk of flooding to move to temporary relocation sites. The Ukrainian side has not yet responded to this request.On October 25th, Bank of France Governor François Villeroy de Villeroy warned lawmakers debating the 2026 budget that the deficit must not exceed 4.8% of economic output to ensure France can cope with its growing debt burden. The French National Assembly is currently debating a draft budget that targets 4.7% GDP growth, but Prime Minister Jean-Claude Le Cornu has said the ultimate target should be within 5%, and he is seeking a compromise with opposition lawmakers. "It is absolutely necessary to keep the deficit below 3% between now and 2029, which would imply a maximum deficit of 4.8% next year," Villeroy de Villeroy said in an interview with La Croix. He also stated that France faces the risk of "progressive suffocation" from debt and that additional deficit spending will fail to stimulate economic growth. According to calculations by the Bank of France, if debt uncertainty is reduced, a 1% reduction in the household savings rate would boost economic growth by 0.4%. However, Villeroy de Villeroy stated that the French economy has strong momentum this year and growth will be "at least" as strong as the Banks forecast of 0.7%.

Yellen of the US Treasury Thinks the Fed Can Reduce Inflation Without Sparking a Recession

Skylar Shaw

May 13, 2022 10:14

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Because of the healthy employment market and household balance sheets in the United States, low loan costs, and a strong banking sector, US Treasury Secretary Janet Yellen thinks the Federal Reserve can drive inflation down without precipitating a recession.


"All of those characteristics imply that the Fed has a route to bring down inflation without precipitating a recession," Yellen told the House Financial Services Committee on Thursday. "I know it will be their mission to try to do that."


During a hearing on the activities of the Financial Stability Oversight Council, Yellen said that inflation is the "No. 1 economic challenge" confronting the country and the Biden administration.


"It has a significant negative effect on many disadvantaged families." And we're laser-focused on combating inflation," Yellen added, reiterating the Biden administration's attempts to keep gasoline costs down by releasing significant amounts of crude oil from the Strategic Petroleum Reserve and reopening clogged U.S. ports.


Republican senators tried to persuade her to blame rising inflation on the Biden administration's $1.9 trillion COVID-19 relief spending plan last year, but she refused.


Yellen said that a number of reasons were driving up inflation, including energy price hikes as a result of Russia's war of Ukraine and ongoing pandemic-related supply chain issues, as well as high inflation in other nations.


"It does illustrate that there are elements other than expenditure that are crucial to inflation in the United States," she added.


The labor market in the United States remained tight on Thursday, with producer price inflation slowing from 1.6 percent in March to 0.5 percent in April, according to Labor Department data.

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