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Yellen urges action to curb US mortgage market risks
Yellen urges action to curb US mortgage market risks
Economy
by  AFP

US Treasury Secretary Janet Yellen flagged risks posed in the mortgage market Friday, as regulators released recommendations to address the sector's vulnerabilities. On Friday, Yellen said further action is needed to promote sound operations and address liquidity and other risks.

Senior US Fed official expects no rate cuts this year
Senior US Fed official expects no rate cuts this year
Economy
by  AFP

A senior official at the US central bank said Friday that she doesn't expect any interest rate cuts this year following a recent uptick in inflation. After easing significantly last year, inflation has accelerated once more since the start of the year, causing concern among Fed officials as they contemplate the right time to start lowering rates.

Solar storm could bring auroras, power and telecoms disruptions
Solar storm could bring auroras, power and telecoms disruptions
Economy
by  AFP

A huge solar storm is heading for Earth, supercharging auroras and bringing possible disruptions to satellites and power grids as early as Friday evening, US officials say. Unlike solar flares, which travel at the speed of light and reach Earth in around eight minutes, CMEs travel at a relatively more sedate pace, with officials putting the current average at 800 kilometers (500 miles) per second.