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U.S. inflation was a major drag

U.S. inflation was a major drag | 29 July 2022

29 July 2022, GBP/USD

GBPUSD trading plan:

During a news conference, U.S. Treasury Secretary Janet Yellen did not rule out a possible recession as the Federal Reserve and the Biden administration strive to bring down inflation from 40-year highs. But she refused to concede that one was underway after two quarters of GDP contraction - a shorthand definition often used by economists, journalists and market analysts. She said most Americans define recessions as similar to those that have occurred in the past: "Substantial job losses and mass layoffs, businesses shutting down, private sector activities slowing considerably, family budgets under immense strain ... a broad-based weakening of our economy." Yellen said. "That is not what we're seeing right now."

Investment idea: range 1.2140 -1.2240.

David Johnson
Analyst of «FreshForex» company
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