The Federal Reserve will hold its first policy meeting of the year on Jan. 28 and 29, where it is widely expected to keep interest rates right where they are after cutting three times since September.

Inflation rose across much of the world as the COVID-19 pandemic disrupted supply chains and changed consumption patterns during a period of social sequestration. In the United States, inflation topped 9% at its peak,

U.S. household spending tapered off year-over-year in December, though it still sat well above the levels seen before the onset of the Covid-19 pandemic, the Federal Reserve Bank of New York said in a report released on Tuesday.

The central bank has the power to maintain stable prices, and there is more to the President-elect’s economic policy than tariffs.

Meanwhile, many of the SBA's EIDL loans are being charged off and considered in default. In 2021, the agency charged off $21.5 million in EIDL loans. In 2022, that grew to $198.2 million. Last year, the agency charged off $52 billion in EIDL loans — about 17% of its portfolio.

Financial markets are still concerned about inflation. The Fed influences short-term interest rates, which are falling, but longer-term bonds like the 10-year Treasury are a better reflection of inflation expectations.

U.S. hiring picked up unexpectedly in December as employers added 256,000 jobs, another sign of the economy’s resilience in the face of high interest rates.

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The Federal Reserve will soon begin its quinquennial review of the monetary policy strategy, tools and communications employed to fulfill its congressional mandate.

Yellen said the Biden administration's actions reduced major risks, and noted that inflation fell earlier in the US than in other rich countries.