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News
Yellen Says Rates ‘Unlikely’ to Return to Pre-Covid Levels
US Treasury Secretary Janet Yellen said it’s “unlikely” that market interest rates will return to levels that prevailed before the Covid-19 pandemic triggered a wave of inflation and higher yields.Asked why White House projections released Monday showed markedly higher expectations for interest rates in coming years compared with projections a year ago, Yellen said the new numbers were in line with private sector forecasts.“I think it reflects current market realities and the forecasts that we’re seeing in the private sector — that it seems unlikely that yields are going to go back to being as low as they were before the pandemic,” Yellen told reporters Wednesday in Elizabethtown, Kentucky.
US office market is world's most oversupplied, Brookfield tells MIPIM
The troubled U.S. office market is the world's most oversupplied and property investors have taken on too much debt, a Brookfield Asset Management (BAM.TO), opens new tab executive said on Wednesday."Per capita, it's the most oversupplied office market in the world," Bradley Weismiller, Brookfield's managing partner for real estate capital markets, told the MIPIM property conference. "That's really the story. Unfortunately we (the U.S.) build too much of it in certain places ... and it doesn't need to be used as office anymore," Weismiller said at the event in Cannes.
Rogoff Says Biden, Trump Favor ‘Blowing Up’ US Debt
Harvard University economics professor Kenneth Rogoff said both President Joe Biden and his predecessor and challenger Donald Trump risk sending US debt levels into dangerous territory as Washington fails to grasp that the era of ultra-low interest rates won’t come back.“Washington in general has a very relaxed attitude towards debt that I think they’re going to be sorry about,” Rogoff said on Bloomberg Television’s Wall Street Week with David Westin. “It’s just not the free lunch that Congress and perhaps the two presidential candidates have gotten used to.”
The Misery Index Shows Bidenomics is Failling
One of the most dangerous things that a government can do is present a glossy picture of the economy at a time when families and small businesses are suffering. Governments are always optimistic, but sending euphoric messages tends to backfire, especially when the situation for the middle class is complicated.In the United States, the Biden administration’s message of “the strongest economy in decades” is not just an exaggeration; it may anger voters who suffer the burden of negative real wage growth, accumulated inflation, and higher taxes.