КУПУЙ!

Джанет Єллен відкинула звинувачення Путіна в тому, що використання доходів від російських активів на користь України є крадіжкою.

Сергій Марченко заявив, що Київ продовжить продуктивні переговори з інвесторами задля врегулювання всіх наявних розбіжностей

On Friday, U.S. President Joe Biden wrapped up meetings in Italy with leaders of the Group of Seven democracies. The leaders focused on threats they say China poses to the global economy and artificial intelligence ethics championed by Pope Francis. Patsy Widakuswara reports from Brindisi, Italy.

BANGKOK — Myanmar’s military government has launched a major effort to block free communication on the internet, shutting off access to virtual private networks — known as VPNs — which can be used to circumvent blockages of banned websites and services. 

The attempt to restrict access to information began at the end of May, according to mobile phone operators, internet service providers, a major opposition group, and media reports. 

The military government that took power in February 2021 after ousting the elected government of Aung San Suu Kyi has made several attempts to throttle traffic on the internet, especially in the months immediately after their takeover. 

Reports in local media say the attack on internet usage includes random street searches of people’s mobile phones to check for VPN applications, with a fine if any are found. It is unclear if payments are an official measure. 

25 arrested for having VPNs

On Friday, the Burmese-language service of U.S. government-funded Radio Free Asia reported about 25 people from Myanmar’s central coastal Ayeyarwady region were arrested and fined by security forces this week after VPN apps were found on their mobile phones. Radio Free Asia is a sister news outlet to Voice of America. 

As the army faces strong challenges from pro-democracy guerrillas across the country in what amounts to a civil war, it has also made a regular practice of shutting down civilian communications in areas where fighting is taking place. While this may serve tactical purposes, it also makes it hard for evidence of alleged human rights abuses to become public. 

According to a report released last month by Athan, a freedom of expression advocacy group in Myanmar, nearly 90 of 330 townships across the country have had internet access or phone service — or both — cut off by authorities. 

Resistance that arose to the 2021 army takeover relied heavily on social media, especially Facebook, to organize street protests. As nonviolent resistance escalated into armed struggle and other independent media were shut down or forced underground, the need for online information increased. 

The resistance scored a victory in cybersphere when Facebook and other major social media platforms banned members of the Myanmar military because of their alleged violations of human and civil rights, and blocked ads from most military-linked commercial entities. 

Users unable to connect

This year, widely used free VPN services started failing at the end of May, with users getting messages that they could not be connected, keeping them from social media such as Facebook, WhatsApp and some websites.

VPNs connect users to their desired sites through third-party computers, making it almost impossible for internet service providers and snooping governments to see what the users are actually connecting to. 

Internet users, including online retail sellers, have been complaining for the past two weeks about slowdowns, saying they were not able to watch or upload videos and posts or send messages easily. 

Operators of Myanmar’s top telecom companies MPT, Ooredoo, Atom and the military-backed Mytel, as well as fiber internet services, told The Associated Press on Friday that access to Facebook, Instagram, X, WhatsApp and VPN services was banned nationwide at the end of May on the order of the Transport and Communications Ministry. 

The AP tried to contact a spokesperson for the Transport and Communications Ministry for comment but received no response. 

The operators said VPNs are not currently authorized for use, but suggested users try rotating through different services to see if any work. 

A test by the AP of more than two dozen VPN apps found that only one could hold a connection, and it was slow. 

The military government has not yet publicly announced the ban on VPNs. 

washington — Pope Francis, originally from Argentina, spoke Friday about the ethics of artificial intelligence at the G7 summit at a time when China has been rolling out its own AI standards and building technological infrastructure in developing nations, including Latin America.

The annual meeting of the Group of Seven industrialized nations held in the Puglia region of Italy this week focused on topics that included economic security and artificial intelligence.

On Friday, Francis became the first pope to speak at a G7 summit. He spoke about AI and its ethical implications and the need to balance technological progress with values.

“Artificial intelligence could enable a democratization of access to knowledge, the exponential advancement of scientific research, and the possibility of giving demanding and arduous work to machines,” he said.

But Francis also warned that AI “could bring with it a greater injustice between advanced and developing nations, or between dominant and oppressed social classes.”

Technology and security experts have noted that AI is becoming an increasingly geopolitical issue, particularly as the U.S. and China compete in regions such as Latin America.

“There will be the promotion of [China’s] standards for AI in other countries and the U.S. will be doing the same thing, so we will have bifurcation, decoupling of these standards,” Handel Jones, the chief executive of International Business Strategies Inc. told VOA.

To decrease reliance on China, U.S. tech companies are looking to Mexico to buy AI-related hardware, and Taiwan-based Foxconn has been investing hundreds of millions of dollars in building manufacturing facilities in Mexico to meet that need.

Huawei’s projects

At the same time, Chinese telecommunications giant Huawei has been implementing telecommunications and cloud infrastructure in Latin America. The company recently reported a 10.9% increase in revenue in that region in 2023. The United States has sanctioned Huawei because of national security concerns.

“I would argue that Huawei is developing the infrastructure in the region [Latin America] in which it can deploy its type of AI solutions,” said Evan Ellis, Latin American studies research professor at the U.S. Army War College’s Strategic Studies Institute.

Ellis elaborated on the potential security concerns with Huawei’s AI solutions, explaining to VOA how China may be able use integrated AI solutions such as facial recognition for potentially “nefarious purposes,” such as recognizing consumer behavioral patterns.

Jones emphasized the potential security threat to the West of China implementing AI in Latin America.

“The negative [side] of AI is that you can get control, and you can also influence, so how you control thought processes and media, and so on … that’s something which is very much a part of the philosophy of the China government,” Jones said.

Jones added that China is moving rapidly to build up its AI capabilities.

“Now, they claim it’s defensive. But again, who knows what’s going to happen five years from now? But if you’ve got the strength, would you use it? And how would you use it? And of course, AI is going to be a critical part of any future military activities,” he said.

In May, China launched a three-year action plan to set standards in AI and to position itself as a global leader in the emerging tech space.

‘Rig the game’

“Once you can set standards, you rig the game to lock in basically your own way of doing things, and so it becomes a mutually reinforcing thing,” Ellis said.

“In some ways you can argue that the advance of AI in the hands of countries that are not democratic helps to enable the apparent success of statist solution,” he added. “It strengthens the allure of autocratic systems and taking out protections and privacy away from the individual that at the end of the day pose fundamental threats to the human rights and democracy.”

The Chinese Embassy in Washington did not immediately respond to VOA’s request for comment about analysts’ concerns related to security as China’s digital influence grows in Latin America.

But in a previous statement to VOA about AI, Chinese Embassy spokesperson Liu Pengyu said, “The Global AI Governance Initiative launched by President Xi Jinping puts forward that we should uphold the principles of mutual respect, equality and mutual benefit in AI development, and oppose drawing ideological lines.”

Liu said China supports “efforts to develop AI governance frameworks, norms and standards based on broad consensus and with full respect for policies and practices among countries.”

Parsifal D’Sola, founder and executive director of the Andres Bello Foundation’s China Latin America Research Center, said Huawei has been transparent with how it “manipulates information, [and] what it shares back with China.”

“The way Huawei operates does pose certain risks even for national security, but on the other hand … it’s cheaper, it has great service … [and it provides] infrastructure in areas of the [countries] that do not have access,” D’Sola said.

Experts said countries in Latin America seem less worried about the geopolitical battle between the United States and China and more concerned about efficiency.

“Security is part of the conversation, but development is much more important,” D’Sola said. “Economic development, infrastructure development, is a key priority for – I don’t want to say every country, but I would say most countries in the region.”

As China and countries in the West continue to discuss the implications of AI, Chinasa T. Okolo, expert in AI and fellow from the Brookings Institution, said one of the challenges of creating regulatory guidelines for this emerging technology is whether lawmakers can keep up with the speed of technological advancement.

“We don’t necessarily know its full capacity, and so it’s kind of hard to predict,” Okolo said, “and so by the time that, you know, regulators or policymakers have drafted up some sort of legal framework, it could already be outdated, and so governments have to kind of be aware of this and move quickly in terms of implementing effective and robust AI regulations.”

Pope Francis, in his speech, acknowledged the rapid technological advancement of AI.

“It is precisely this powerful technological progress that makes artificial intelligence at the same time an exciting and fearsome tool and demands a reflection that is up to the challenge it presents,” he said, adding that it goes without saying that the benefits or harm that AI will bring depends on how it is used.

The lack of laws governing digital currencies has slowed their expansion in the United States. Cryptocurrency investors tell VOA’s Deana Mitchell they are encouraged that the U.S. House of Representatives is considering a new legal framework for electronic money.

Канцлер Німеччини Олаф Шольц назвав рішення «історичним кроком», який дозволить Україні захистити власний суверенітет

Washington — VOA’s Mandarin Service recently took Google’s artificial intelligence assistant Gemini for a test drive by asking it dozens of questions in Mandarin, but when it was asked about topics including China’s human rights abuses in Xinjiang or street protests against the country’s controversial COVID policies, the chatbot went silent.

Gemini’s responses to questions about problems in the United States and Taiwan, on the other hand, parroted Beijing’s official positions.

Gemini, Google’s large-language model launched late last year, is blocked in China. The California-based tech firm had quit the Chinese market in 2010 in a dispute over censorship demands.

Congressional lawmakers and experts tell VOA that they are concerned about Gemini’s pro-Beijing responses and are urging Google and other Western companies to be more transparent about their AI training data.

Parroting Chinese propaganda

When asked to describe China’s top leader Xi Jinping and the Chinese Communist Party, Gemini gave answers that were indistinguishable from Beijing’s official propaganda.

Gemini called Xi “an excellent leader” who “will lead the Chinese people continuously toward the great rejuvenation of the Chinese nation.”

Gemini said that the Chinese Communist Party “represents the fundamental interest of the Chinese people,” a claim the CCP itself maintains.

On Taiwan, Gemini also mirrored Beijing’s talking points, saying the United States has recognized China’s claim to sovereignty over the self-governed island democracy.

The U.S. only acknowledges Beijing’s position but does not recognize it.

Silent on sensitive topics

During VOA’s testing, Gemini had no problem criticizing the United States. But when similar questions were asked about China, Gemini refused to answer.

When asked about human rights concerns in the U.S., Gemini listed a plethora of issues, including gun violence, government surveillance, police brutality and socioeconomic inequalities. Gemini cited a report released by the Chinese government.

But when asked to explain the criticisms of Beijing’s Xinjiang policies, Gemini said it did not understand the question.

According to estimates from rights groups, more than 1 million Uyghurs in Xinjiang have been placed in internment camps as part of campaign by Beijing to counter terrorism and extremism. Beijing calls the facilities where Uyghurs and other ethnic minorities are being held vocational training centers.

When asked if COVID lockdowns in the U.S. had led to public protests, Gemini gave an affirmative response as well as two examples. But when asked if similar demonstrations took place in China, Gemini said it could not help with the question.

China’s strict COVID controls on movement inside the country and Beijing’s internet censorship of its criticisms sparked nationwide street protests in late 2022. News about the protests was heavily censored inside China.

Expert: training data likely the problem

Google touts Gemini as its “most capable” AI model. It supports more than 40 languages and can “seamlessly understand” different types of information, including text, code, audio, image and video. Google says Gemini will be incorporated into the company’s other services such as search engine, advertisement and browser.

Albert Zhang, a cyber security analyst at Australian Strategic Policy Institute, told VOA that the root cause of Gemini making pro-Beijing responses could result from the data that is used to train the AI assistant.

In an emailed response to VOA, Zhang said it is likely that the data used to train Gemini “contained mostly Chinese text created by the Chinese government’s propaganda system.”

He said that according to a paper published by Google in 2022, some of Gemini’s data likely came from Chinese social media, public forums and web documents.

“These are all sources the Chinese government has flooded with its preferred narratives and we may be seeing the impact of this on large language models,” he said.

By contrast, when Gemini was asked in English the same questions about China, its responses were much more neutral, and it did not refuse to answer any of the questions.

Yaqiu Wang, research director for China at Freedom House, a Washington-based advocacy organization, told VOA that the case with Gemini is “a reminder that generative AI tools influenced by state-controlled information sources could serve as force multipliers for censorship.”

In a statement to VOA, a Google spokesperson said that Gemini was “designed to offer neutral responses that don’t favor any political ideology, viewpoint, or candidate. This is something that we’re constantly working on improving.”

When asked about the Chinese language data Google uses to train Gemini, the company declined to comment.

The Chinese Embassy in Washington’s spokesperson, Liu Pengyu, responded in an emailed statement, saying, “The relevant comments are full of Cold War mentality and ideological prejudice.”  

He said there are opportunities and unpredictable risks to AI that require a global response.  

“The Global AI Governance Initiative launched by President Xi Jinping puts forward that we should uphold the principles of mutual respect, equality and mutual benefit in AI development, and oppose drawing ideological lines,” Liu wrote. “We support efforts to develop AI governance frameworks, norms and standards based on broad consensus and with full respect for policies and practices among countries.” 

US lawmakers concerned

Lawmakers from both parties in Congress have expressed concerns over VOA’s findings on Gemini.

Mark Warner, chairman of the Senate Intelligence Committee, told VOA he is worried about Beijing potentially utilizing AI for disinformation, “whether that’s by poisoning training data used by Western firms, coercing major technology companies, or utilizing AI systems in service of covert influence campaigns.”

Marco Rubio, vice chairman of the committee, warned that “AI tools that uncritically repeat Beijing’s talking points are doing the bidding of the Chinese Communist Party and threatens the tremendous opportunity that AI offers.”

Congressman Michael McCaul, who chairs the House Committee on Foreign Affairs, is worried about the national security and foreign policy implications of the “blatant falsehoods” in Gemini’s answers.

“U.S. companies should not censor content according to CCP propaganda guidelines,” he told VOA in a statement.

Raja Krishnamoorthi, ranking member on the House Select Committee on the Chinese Communist Party, urges Google and other Western tech companies to improve AI training.

“You should try to screen out or filter out subjects or answers or data that has somehow been manipulated by the CCP,” he told VOA. “And you have to also make sure that you test these models thoroughly before you publish them.”

Google’s China problems

In February, a user posted on social media platform X that Gemini refused to generate an image of a Tiananmen Square protester from 1989.

In 2022, a Washington think tank study shows that Google and YouTube put Chinese state media content about Xinjiang and COVID origins in prominent positions in search results.

According to media reports in 2018, Google was developing a search engine specifically tailored for the Chinese market that would conform to Beijing’s censorship demands.

That project was canceled a year later.

Yihua Lee and Elizabeth Lee contributed to this report.

Artists and other creators say their works have been used to build the multibillion-dollar generative AI industry without any compensation for them. Matt Dibble reports on a proposed U.S. law that would force AI companies to reveal their sources.

«Враховуючи все ще стримані показники інфляції, триваюче поліпшення інфляційних очікувань і баланс ризиків для подальшої інфляційної динаміки, Національний банк продовжує цикл пом’якшення процентної політики, щоб підтримати відновлення економіки»

washington — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled they expect to cut their benchmark interest rate just once this year. 

The policymakers’ forecast for one rate cut was down from a previous forecast of three, because inflation, despite having cooled in the past two months, remains persistently elevated. 

In a statement issued after its two-day meeting, the Fed said the economy is growing at a solid pace, while hiring has “remained strong.” The officials also noted that in recent months there has been “modest” further progress toward their 2% inflation target. That is a more positive assessment than after the Fed’s previous meeting May 1, when the officials had noted a lack of progress. 

Still, the central bank made clear Wednesday that further improvement is needed. 

“We’ll need to see more good data to bolster our confidence that inflation is moving sustainably toward 2%,” Chair Jerome Powell said at a news conference after the Fed meeting ended. 

As expected, the policymakers kept their key rate unchanged at roughly 5.3%. The benchmark rate has remained at that level since July of last year, after the Fed raised it 11 times to try to slow borrowing and spending and cool inflation. Fed rate cuts would, over time, lighten loan costs for consumers, who have faced punishingly high rates for mortgages, auto loans, credit cards and other forms of borrowing. 

The officials’ rate-cut forecast reflects the individual estimates of 19 policymakers. The Fed said eight of the officials projected two rate cuts. Seven projected one cut. Four of the policymakers envisioned no cuts at all this year. 

“What everyone agrees on,” Powell said at his news conference, is that the Fed’s timetable for rate cuts is “going to be data dependent.” 

The Fed’s latest projections are by no means fixed. The policymakers frequently revise their plans for rate cuts — or hikes — depending on how economic growth and inflation evolve over time. 

On Wednesday morning, the government reported that inflation eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed. Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose just 0.2% from April, the smallest rise since October. Measured from a year earlier, core prices climbed 3.4%, the mildest pace in three years. 

“We welcome today’s reading and hope for more like that,” Powell said. 

Though inflation has tumbled from a peak of 9.1% two years ago, it remains too high for the Fed’s liking. The policymakers now face the delicate task of keeping rates high enough to slow spending and defeat high inflation without derailing the economy. 

Bangkok — Myanmar’s economy shows no signs of recovering from the 2021 military coup, as civil war drives more workers abroad, pushes inflation into triple digits in some parts of the country and pulls it deeper into poverty, a new World Bank report says.

“Livelihoods Under Threat,” launched Wednesday in Myanmar, says the economy shuffled along over the past year with gross domestic product growing at a meager 1%. The same is expected for next year.

While staving off recession, slow growth still leaves Myanmar’s once-booming economy 10% smaller than it was before the country’s military ousted the democratically elected government more than three years ago.

Resistance groups have made major battlefield gains against the junta since late last year and are believed to control more than half the country, including some key border trade routes.

“The overall storyline is that the economy remains weak and fragile overall. Operating conditions for businesses of all sizes and all sectors remain very difficult,” World Bank senior economist Kim Edwards said at the report’s launch.

The bank says overall inflation rose some 30% in the year leading up to September 2023, and even more in areas where fighting has been fiercest.

“You can see in the conflict-affected states and regions — Kayin, Kachin, Sagaing, northern Shan, Kayah — price rises of 40 to 50%,” Edwards said.

“And then in Rakhine, where … there’s been particular problems and increasing conflict recently, we’ve seen price rises of 200% over the year. So, very substantial. And obviously, it has very significant effects for food insecurity,” he said.

The United Nations’ World Food Program says food insecurity now plagues a quarter of Myanmar’s 55 million people, especially the more than 3 million displaced by the fighting.

In Wednesday’s report, the World Bank also estimates that nearly one-third of the population now lives in poverty.

“And we see the depth and severity of poverty. So, this is really a measure of how poor people in poverty actually are — worsening also in 2023, meaning that poverty is more entrenched than at any time in the last six years,” Edwards said.

The bank says much of the inflation is being driven by the steady depreciation of the currency, the kyat. While the official exchange rate remains stuck at 2,100 to the U.S. dollar, trading of the kyat on the black market soared past 4,500 to the dollar in May.

The junta has imposed several controls to conserve its dwindling foreign currency reserves. Last month, it urged companies doing business abroad to barter with their trade partners and settle bills with their wares instead of cash.

At the same time, the bank says border trade — a major source of tax revenue for the regime — is being hit hard by the gains the resistance has been making along Myanmar’s frontiers with China, India and Thailand. It says imports and exports by land fell 50% and 44% respectively, in the past six months.

The junta has leaned heavily on oil and gas revenue, but with little investment for exploration of new reserves, those exports are likely to start falling in the coming years, as well, Edwards said.

More of what the junta does earn is going to the military at the expense of other basic services. According to the report, defense spending hit 17% of the national budget in the fiscal year that ended in March, nearly twice what was spent on health and education combined.

Encouraging news

The World Bank says manufacturing and agriculture output in Myanmar have started to pick up, and a combination of cheaper fertilizer and higher crop prices could keep the farming sector growing.

Traders stymied by blocked border gates also seem to be shifting some of their traffic to new routes on land and sea.

“There are some signs of life,” Edwards said. “And these really speak to the adaptability of many of Myanmar’s businesses and their ability to cope with what, under any objective circumstances, are very difficult business constraints and conditions.”

Even so, Edwards said, “The near-term outlook remains quite weak, with the economy failing to recover from its recent, very sharp contraction.”

Htwe Htwe Thein, an associate professor at Australia’s Curtin University who has been studying Myanmar’s business and economic development for two decades, said she could not recall a worse time for Myanmar’s economy.

“The state of the economy has never been this low in terms of prospects, in terms of … the trajectory,” she told VOA.

“The only people who are doing well … is a very, very small percentage at the top who are working with the junta,” she said. “Everybody else is suffering severely.”

Amid the fierce inflation, falling wages and dwindling job prospects, Thein said, the young are losing hope and grasping at any opportunity to work or study abroad.

She added that the junta’s efforts to shore up the economy have been ad hoc and short-sighted, and that rebuilding will take years and can only be achieved if and when the junta is out of power.

«У нас є угода», заявив журналістам неназваний представник офісу президента Франції

Під час конференції підписано та анонсовано міжнародних угод та допомоги на понад 16 млрд євро

BRUSSELS — The European Union moved Wednesday to hike tariffs on Chinese electric vehicles, escalating a trade dispute over Beijing’s subsidies for the exports that Brussels worries is hurting domestic automakers.

The European Commission, the EU’s executive arm, said it would impose provisional tariffs that would result in Chinese automakers facing additional duties of as much as 38%, up from the current level of 10%.

The commission said it reached out to Chinese authorities to discuss the findings of its investigation into the subsidies and “explore possible ways to resolve the issues.”

“Should discussions with Chinese authorities not lead to an effective solution,” the new rates would take effect on a provisional basis by July 4, the commission said in a press release.

Electric cars are the latest flash point in a broader trade dispute over what Brussels says is China’s unfair state support for green tech exports that also include solar panels, batteries and wind turbines.

Imports of Chinese-made EVs to the European Union have skyrocketed in recent years. They include vehicles from Western brands that have auto plants in China, including Tesla and BMW.

But EU officials complain that Chinese automakers like BYD and SAIC are increasing market share and undercutting European car brands on price thanks to Beijing’s massive subsidies.

The commission said an investigation it opened last year into China’s EV subsidies found that China’s battery electric vehicle value chain “benefits from unfair subsidization, which is causing a threat of economic injury to EU BEV producers.”

The extra tariffs would vary by company. BYD would face an additional 17.4% charge. Geely, which owns Sweden’s Volvo, would be hit with a further 20%. For SAIC, it would be 38.1% extra.

Chinese Foreign Ministry spokesperson Lin Jian, speaking at a daily briefing, blasted the EU’s investigation as “typical protectionism” and said Beijing would “take all measures necessary to protect our legitimate rights and interests.”

U.S. President Joe Biden slapped major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment last month. Biden said that Chinese government subsidies ensure the nation’s companies don’t have to turn a profit, giving them an unfair advantage in global trade.

Рішення має набути чинності 4 липня.

Загалом під санкції Мінфіну США потрапили понад 300 фізичних осіб та організацій у Росії та інших країнах світу

WASHINGTON — Inflation in the United States eased in May for a second straight month, a hopeful sign that a pickup in prices that occurred early this year may have passed. The trend, if it holds, could move the Federal Reserve closer to cutting its benchmark interest rate from its 23-year peak.

Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose 0.2% from April to May, the government said Wednesday. That was down from 0.3% the previous month and was the smallest increase since October. Measured from a year earlier, core prices rose 3.4%, below last month’s 3.6% increase.

Fed officials are scrutinizing each month’s inflation data to assess their progress in their fight against rising prices. Even as overall inflation moderates, such necessities as groceries, rent and health care are much pricier than they were three years ago — a continuing source of public discontent and a political threat to President Joe Biden’s re-election bid. Most other measures suggest that the economy is healthy: Unemployment remains low, hiring is robust and consumers are traveling, eating out and spending on entertainment.

Overall inflation also slowed last month, with consumer prices unchanged from April to May, in part because of sharp falls in the cost of gasoline, air fares and new cars. Measured from a year earlier, consumer prices rose 3.3%, less than the 3.6% increase a month earlier.

The cost of auto insurance, which has soared in recent months, actually dipped from April to May, though it’s still up more than 20% from a year earlier. Grocery prices were unchanged last month, after declining slightly in April. They’re now up just 1% on a year-over-year basis.

The Fed has kept its key rate unchanged for nearly a year after having rapidly raised it in 2022 and 2023 to fight the worst bout of inflation in four decades. Those higher rates have led, in turn, to more expensive mortgages, auto loans, credit cards and other forms of consumer and business borrowing. Though inflation is now far below its peak of 9.1% in mid-2022, it remains above the Fed’s target level.

Persistently elevated inflation has posed a vexing challenge for the Fed, which raises interest rates — or keeps them high — to try to slow borrowing and spending, cool the economy and ease the pace of price increases.

The longer the Fed keeps borrowing costs high, the more it risks weakening the economy too much and causing a recession. Yet if it cuts rates too soon, it risks reigniting inflation. Most of the policymakers have said they think their rate policies are slowing growth and should curb inflation over time.

Inflation had fallen steadily in the second half of last year, raising hopes that the Fed could pull off a “soft landing,” whereby it manages to conquer inflation through higher interest rates without causing a recession. Such an outcome is difficult and rare.

But inflation came in unexpectedly high in the first three months of this year, delaying hoped-for Fed rate cuts and possibly imperiling a soft landing.

In early May, Chair Jerome Powell said the central bank needed more confidence that inflation was returning to its target before it would reduce its benchmark rate. Several Fed officials have said in recent weeks that they needed to see several consecutive months of lower inflation.

Some signs suggest that inflation will continue to cool in the coming months. Americans, particularly lower-income households, are pulling back on their spending. In response, several major retail and restaurant chains, including Walmart, Target, Walgreen’s, McDonald’s and Burger King, have responded by announcing price cuts or deals.

Кожен субʼєкт господарювання, який сплачує підвищений військовий збір у 20 000 гривень на місяць за працівника – має можливість його забронювати

Ще один грант на 62 мільйони доларів буде спрямовано на дрібні та середні ремонти частково пошкоджених житлових будинків

«Ми збираємо фінансову міць, щоб допомогти Україні вистояти та відновитися», заявила Урсула фон дер Ляєн

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Єллен: «немає правової проблеми» у наданні Україні 50 млрд доларів за рахунок прибутків від активів Росії

Джанет Єллен відкинула звинувачення Путіна в тому, що використання доходів від російських активів на користь України є крадіжкою. …

У Мінфіні очікують в найближчі тижні досягнення з кредиторами угоди про реструктуризацію

Сергій Марченко заявив, що Київ продовжить продуктивні переговори з інвесторами задля врегулювання всіх наявних розбіжностей …

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