Overseas Headlines – June 21, 2022

United States:

Yellen Urges Less Dependence on Other Nations for Key Supplies

“Treasury Secretary Janet Yellen said the US should work on shifting its dependence away from some rival nations for supplies of critical inputs as global supply-chain logjams have hurt the domestic economy. “We saw during the pandemic that our supply chains were very brittle and really lacking in resilience,” she said Monday.”



Germany’s Biggest Union Pushes for 7%-8% Raise in Wage Talks

“Germany’s biggest labor union is seeking a wage increase of 7% to 8% to help 3.8 million metals and electronics workers cope with rampant inflation. The recommendation Monday by IG Metall’s management board would cover a period of 12 months and is the highest in about 13 years, reflecting a squeeze on consumers triggered by the war in Ukraine and continued supply disruptions.”



Bank of Korea’s Rhee Keeps Door Open to Larger Rate Hike

“Bank of Korea Governor Rhee Chang-yong kept the door open for a larger-than-usual interest-rate hike as he emphasized the importance of prioritizing the combat against inflation. Rhee spoke Tuesday just after the central bank released a statement indicating that inflation this year would accelerate beyond a 4.5% annual forecast it gave just last month. Early shipments data for June released separately showed the country’s trade deficit ballooning to a record, fueling concern about the impact of a weaker won that is adding to inflationary pressure at home.”



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