The US described the introduction of a price cap for Russian oil as a powerful tool against inflation.
WASHINGTON, July 28 – RIA Novosti. US Treasury Secretary Janet Yellen said on Thursday that US authorities view the price cap on Russian oil as “one of the most effective tools” for fighting inflation in their country.
Earlier on Thursday, the U.S. Department of Commerce Bureau of Economic Analysis issued a press release stating that U.S. GDP fell 0.9% year-over-year in the second quarter of 2022 compared to the initial estimate (if GDP grows at the same rate for four consecutive quarters). Thus, the US economy has contracted for the second quarter in a row (after falling 1.6% year-on-year in the first quarter), which means a technical recession.
Source: Ria
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