US Department of the Treasury building in Washington DC. File photoWASHINGTON, Jul 28 The U.S. authorities view capping Russian oil as «one of the most effective tools» to fight inflation in their country, US Treasury Secretary Janet Yellen said on Thursday. Setting a price cap is one of the most powerful tools we have at our disposal to fight inflation, as it will prevent new spikes in energy prices,” Yellen said at a press conference. Earlier Thursday, the Bureau of Economic Analysis of the US Department of Commerce issued a press release, which says that US GDP in the second quarter of 2022, according to the first estimate, fell by 0.9% in annual terms (if GDP grew at the same pace for four consecutive quarters). Thus, the US economy is declining for the second quarter in a row (after declining by 1.6% on an annualized basis in the first quarter), which means a technical recession. » /> Biden announced the absence of a recession in the US economy
