Overseas Headlines – March 11, 2022

United States:

Yellen Sees ‘Uncomfortably High’ 2022 Inflation But No Recession

“Treasury Secretary Janet Yellen declined to offer a new forecast on inflation for the end of 2022 as she acknowledged that fallout from Russia’s invasion of Ukraine would worsen price rises, which just hit another 40-year high in February. “I think there’s a lot of uncertainty that is related to what’s going on with Russia and Ukraine,” Yellen said Thursday in an interview with CNBC television. “I do think it’s exacerbating inflation.”



U.K. Economy Surged Past Pre-Covid Size Before Ukraine War

“The U.K. economy surged at the strongest pace in seven months in January, surpassing levels prevailing before the coronavirus struck. Gross domestic product rose 0.8%, recovering from a 0.2% fall in December when the omicron variant of the virus was spreading, Office for National Statistics figures Friday show. The gain was much stronger than the 0.1% pace expected by economists.”



Japan’s Household Spending Falls Amid Fears of Economic Setback

“Japan’s households pared back their spending in January during the rapid spread of the omicron variant and renewed restrictions on activity, adding to the risk that the economy will shrink this quarter. Outlays fell 1.2% from December for the sixth drop in the last nine months, as consumers cut spending on entertainment, clothing and extra schooling, the ministry of internal affairs reported Friday.”



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