Top-of-mind economic news as we start the week:
— The Fed’s key interest rate may still not be high enough to reduce inflation to 2%, said Fed Chair Jerome Powell, indicating more hikes possible.
— The average balance on U.S. credit cards was recently $6,000, a 10-year high; 20% was average interest rate on balances.
— The U.S. and Chinese presidents will meet on Wednesday in San Francisco to discuss trade, Taiwan and tense U.S.-China relations.
— The U.K. economy is likely to post zero growth through 2025, forecast the Bank of England, but avoid a recession.
— The U.S. will invest $2 billion in 150 U.S. government construction projects to incentivize the production and use of low-carbon materials.
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