{O/C} {Good evening}
U.S. President Joe Biden's administration is now on the back foot over the country's highest inflation rates in 40 years, with the Consumer Price Index inflation over 8 percent in recent months.
This, in part thanks to the 1.9 trillion-dollar pandemic rescue package that many are still parsing.
Treasury Secretary Janet Yellen claimed inflation rates would remain static and that the Biden administration was bound to raise the 4.7 percent inflation forecast for the year in its budget. She, however, rebuffed contentions that the rescue package stoked inflation.
Meantime, Chinese officials are fighting tooth and nail to rejuvenate multinational firms in based in Shanghai following the country's stifling COVID lockdown in multiple meetings.
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