Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information on all things finance. Today, we are discussing a recent statement made by U.S. Treasury Secretary Janet Yellen regarding concerns about rising living costs.
In an interview with the Financial Times, Yellen expressed worry over the substantial increases in prices that are impacting people’s everyday lives. While wages have seen a significant increase, the rise in prices for essentials such as food and rentals is making it difficult for many individuals. Yellen also highlighted the challenges faced by young people looking to buy a house, especially with higher mortgage rates.
This comes as US CPI (Consumer Price Index) increased by 3.4% in the 12 months through April, following a 3.5% climb in March. The Federal Reserve recently decided to keep its benchmark overnight interest rate unchanged at 5.25% to 5.50%.
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