China reaches first Women's Basketball World Cup semifinals in 28 years

2022-September-30 10:41 By: Xinhua

China reaches first Women's Basketball World Cup semifinals in 28 years

Photo taken on June 22, 2022 shows the U.S. Federal Reserve building in Washington, D.C., the United States. (Xinhua/Liu Jie)

The United States is in a growth recession starting from the first half of 2022 with the housing industry already in recession, Yardeni said.

Yardeni said the Fed in some ways made a big mistake back in August 2020 by announcing a change of its long-term monetary policy strategy to give more weight to bring down unemployment than to keep a lid on inflation.

Though U.S. unemployment came down to about 3.5 percent over the past few months, inflation obviously made a huge comeback, leaving the Fed scrambling to deal with it, according to the investment strategist.

Yardeni said that the U.S. equity market has more downside than upside and the S&P 500 Index could retreat back to around 3,400 points, where the market hit a record high before the COVID-19 pandemic.

Since March, the Fed has lifted interest rates for five times, including three consecutive 75-basis-point rate hikes in June, July and September, boosting the Fed's benchmark interest rate to a range of 3-3.25 percent.

China reaches first Women's Basketball World Cup semifinals in 28 years

Li Yueru (L) of China gestures during the quarter-finals match between China and France at the FIBA Women's Basketball World Cup 2022 in Sydney, Australia, on Sept. 29, 2022. (Photo by Hu Jingchen/Xinhua)

China reaches first Women's Basketball World Cup semifinals in 28 years

Yang Liwei (R) of China drives the ball against Sarah Michel of France during the quarter-finals match between China and France at the FIBA Women's Basketball World Cup 2022 in Sydney, Australia, on Sept. 29, 2022. (Photo by Hu Jingchen/Xinhua)

China reaches first Women's Basketball World Cup semifinals in 28 years

Li Yueru (L) of China goes for a lay-up during the quarter-finals match between China and France at the FIBA Women's Basketball World Cup 2022 in Sydney, Australia, on Sept. 29, 2022. (Photo by Hu Jingchen/Xinhua)

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