Yellen warns of acute ‘spillover’ effects of interest rate hikes on developing countries ...Middle East

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Treasury Secretary Janet Yellen on Thursday acknowledged the negative effects that continued interest rate hikes by the U.S. Federal Reserve and other central banks are having outside U.S. borders. “For major economies facing high inflation, the immediate task is to return to an environment of stable prices. Central banks bear the prime responsibility. But it is important to recognize that macroeconomic tightening in advanced countries can have international spillovers,” Yellen said at an event Thursday at the Center for Global Development. “Emerging markets and developing countries are often most acutely affected both by global shocks and by spillovers from the policies of advance

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Yellen warns of acute ‘spillover’ effects of interest rate hikes on developing countries ...Middle East

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