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The U.S. Treasury Secretary Said That Not Raising The Debt Ceiling Will Trigger A Financial Crisis / Most Provinces And Cities In China Have Adopted Power Curtailment Measures

The U.S. Treasury Secretary Said That Not Raising The Debt Ceiling Will Trigger A Financial Crisis

U.S. Treasury Secretary Yellen said when attending a congressional hearing that the U.S. economy is on the path of recovery, but if the debt ceiling is not raised, it will lead to an increase in the unemployment rate and the cost of national debt borrowing. It also warned that debt defaults may trigger financial crises and disasters, damaging the confidence of the U.S. dollar as a reserve currency. In addition, Fed Chairman Powell reiterated in the hearing that the test standard that can reduce debt purchases is almost reached, and emphasized that even if debt purchases are reduced, easing policies will continue until the middle of next year. He also pointed out that high inflation is only temporary, and believes that the supply chain shortage problem needs to be alleviated before inflation can fall. However, the current surge in interest rates on US long-term debt, concerns about debt defaults, and the resignation of two Fed members suspected of being involved in the securities trading turmoil have all increased risk aversion in the market, driving the U.S. exchange rate to its highest level in nearly 11 months.

Most Provinces And Cities In China Have Adopted Power Curtailment Measures

More than 20 provinces and cities in China have adopted electricity curtailment measures, which have continued to spread from the south to the northeast. In view of the impact of corporate power rationing to the people's livelihood, governments in various places have stated that they must effectively dispatch power supply. Jilin Governor Han Jun said that he will step up the purchase of coal from Russia, Indonesia and Mongolia, and ensure coal supply for power generation in multiple ways. He visited some power generation companies on the 27th, and the conversation showed that the power shortage in the Northeast was related to coal shortages and high prices. Han Jun emphasized that coal security and power supply are major issues related to the vital interests of the people and the stable and healthy development of the economy and society. It is necessary to ensure coal supply and power supply as major tasks of the current party committees and governments at all levels, and do everything possible to ensure power supply and heating. , To protect people's livelihood and production, must not affect the normal production and life of the people and the overall situation of Jilin's revitalization and development due to lack of coal and electricity.
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