Eric Rosengren, president of the Federal Reserve Bank of Boston, said that when the US labor market is fully employed and inflation meets the Fed's target, the Fed may consider raising interest rates as early as the end of 2022. "the standard is that we have a sustainable inflation rate of 2% or more, and we are fully employed," Rosengren said in an interview with Yahoo Finance Radio. "I do expect us to see this before the end of next year, but it depends on whether the economy is as strong as I expected." 

The Fed extended the liquidity facility for its salary protection program by a month to July 30, giving banks and other financial institutions more time to process. The Fed's tool provides credit to financial institutions that provide loans under the wage Protection Program. The salary Protection Plan, authorized by Congress to support small businesses during the outbreak, expires on June 30. The Federal Reserve said in a statement that the liquidity protection plan was established in April 2020 under the authorization of the governing Council No. 13 (3), and that the extension of the period from June 30, 2021 to July 30, 2021 has been approved by the Secretary of the Treasury.

The US consumer confidence index rose less than expected in June, and long-term inflation expectations moderated from a month ago. Data released on Friday showed that the final index of consumer confidence at the University of Michigan rose to 85.5 from 82.9 in May. The figure was lower than the median forecast of 86.5 economists surveyed by Bloomberg and below the initial figure of 86.4. 

Us personal spending stagnated in May, reflecting a decline in spending on goods, while closely watched inflation indicators continued to rise. Spending on goods and services was flat in May and revised up 0.9% in April, according to data released by the Commerce Department on Friday. The Fed's personal consumption expenditure price index, which is used as an inflation target, rose 0.4 per cent month-on-month. Economists surveyed by Bloomberg had a median forecast for a 0.4% increase in personal spending. Although spending on services increased in May, the overall figure was suppressed by a decline in spending on goods.

Former U.S. Treasury Secretary Summers expects inflation to be "pretty close" to 5% by the end of the year, so bond yields are likely to rise for the rest of 2021. 

Just one day after President Joe Biden's $579 billion bipartisan infrastructure deal was announced, he faced the threat of a Republican backlash as Republican lawmakers tried to stifle a larger tax and spending plan that Democrats wanted. Eleven of the 21 bipartisan senators who have expressed support for the infrastructure plan are already under pressure from the party to withdraw from the deal.

(FCA) of the Financial Conduct Authority of the United Kingdom on Binance Markets Ltd. Issued a consumer reminder banning the cryptocurrency exchange from engaging in any regulated activities in the UK. FCA said it needs to confirm the removal of all ads and referrals by Wednesday night and must state on its website, social media and other media platforms that it no longer has permission to operate in the UK. In June last year, Yuan'an announced the acquisition of an entity regulated by FCA and plans to launch it in the UK. 

Tesla will carry out software repairs for more than 285000 cars in China to address a safety problem identified by Chinese regulators; this is equivalent to most of the vehicles delivered by Tesla in China in recent years. In many cases, it is expected that the recall can be completed remotely by upgrading the vehicle's active cruise control function online. Tesla will upgrade the software free of charge.

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