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Janet Yellen, the US Treasury Secretary, has pointed out the severe impact of inflation on American families, even as the numbers show it cooling off. Rising living costs have become a major issue, especially because it undermines President Joe Biden’s approval ratings with voters. Also Read: Federal Reserve Is Struggling To Make Sense of U.S. Inflation Housing prices, as well as goods and services, remain high, making life hard for many Americans. Yellen emphasized that while wages have grown significantly, the cost of essential items has also surged. This rapid increase in prices is particularly noticeable and burdensome for people, Yellen added. Americans Struggle With Cost of Living When Americans go shopping for food or pay their rent, the effect of inflation is undeniable. Grocery bills are higher, and rental costs have soared. Higher mortgage rates further complicate the situation, especially for young people who aspire to own homes. Yellen said she is concerned about the disconnect between wage growth and the rising cost of living. They see it when they shop for food. They see it in terms of rentals. With higher mortgage rates, it’s tough for young people who would like to buy a house to enter the market. Janet Yellen Although wages have increased more than average prices, Yellen acknowledges that the substantial price hikes in a short period are troubling for many. These increases affect daily life, making it hard to keep up with expenses despite earning more. The inflation challenge is not just about the Fed’s numbers, it’s about the real impact on people’s lives, said Yellen. US Economy Struggles as Crypto Market Blasts Off Meanwhile, as the US economy becomes more of an untamable beast and the US dollar keeps losing ground to currencies like the Chinese yuan, GBP, and Japanese yen, crypto markets…

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Filed under: News - @ May 24, 2024 5:22 pm