Yellen, Denise Pellegrini, Scott Carr discussed on Meet the Press


I'm Scott Carr And I'm susannah Palmer in the Bloomberg newsroom A new book says treasury secretary Janet Yellen initially wanted the Biden administration to scale back the nearly $2 trillion American rescue plan because of concern it could be inflationary We get more about that from Bloomberg's Denise Pellegrini a new Yellen biography says the treasury secretary wanted Biden officials to cut the $1.9 trillion pandemic era package by a third because according to Owen ullman's biography empathy economics too much government money flooding into the economy too quickly could overheat the economy and trigger an inflation The treasury secretary though has issued a statement about the book saying she never urged adoption of a smaller package And she says the economy risked a downturn that could have been as disastrous as The Great Depression Yellen ended up endorsing the full package publicly to members of Congress at the time She said this past week she was wrong when she thought inflation would end up just being transitory Bloomberg Denise Pellegrini Saudi Arabia raised oil prices for its biggest market of Asia by more than expected This as the region's main economies ease coronavirus restrictions helping to boost demand The increase for July shipments resumes hikes that started back in February and were only broken when state producer Saudi Aramco cut prices from record levels a month ago New Jersey is moving to ban menthol cigarettes the state's assembly health committee approved a controversial bill that would prohibit the sale of flavored cigarettes and electronic smoking devices There was an opposition to the band say cigarette sales would shift to other states which happened in Massachusetts New Jersey banned most cigarette.

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