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By Staff Reporters
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Treasury Secretary Janet Yellen warned yesterday that the US could run out of money to pay all its bills as early as June 1st if Congress does not raise or suspend the debt limit before then. The US’ first-ever default would be disastrous for financial markets, economists say.
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Meanwhile, Europe’s painful inflation has inched higher, extending the squeeze on households and keeping pressure on the European Central Bank to unleash what could be another large interest rate increase. Consumer prices in the 20 countries using the euro currency jumped 7% in April from a year earlier, just up from the annual rate of 6.9% in March, the European Union statistics agency Eurostat said today. Food price inflation eased a little, falling to an annual rate of 13.6% from March’s 15.5%, while energy prices rose a more modest 2.5%. Core inflation, which excludes volatile food and fuel, slowed slightly but was still high at 5.6%, underlining the expectation that the ECB will press ahead with its campaign to beat inflation into submission with rate hikes.
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Filed under: Breaking News, Ethics, Experts Invited, Financial Planning, Funding Basics, Investing | Tagged: debt, ECB, EU, Europe, europe inflates, European Union, Eurostat, inflation, Janet Yellen, US Debt ceiling, Yellen |
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