During U.S. treasury secretary Janet Yellen’s four-day trip to Beijing, she met with former Chinese Vice Premier Liu He on July 7. This meeting is considered a major highlight of Ms. Yellen’s visit to China, as many regard the retired Mr. Liu as a pro-U.S. official. They interpret it as Beijing’s wish to change its…
Don’t Interpret Yellen’s Meeting with Liu He as Beijing’s Pro-US Stance: Analyst
Bank Deposit Bailouts Could Cost Taxpayers Billions
March 29, 2023
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bank depositsBusiness & Marketseconomic policieseconomyFDICinflationInvestmentpersonal financeSecretary Janet YellenSignature BankSVB CollapseU.S. treasury departmentUSUS News
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Following a string of regional bank failures over the past several weeks, bank regulators were quick to guarantee all depositors for the full balance of their bank accounts, even beyond the $250,000 limit set by the Federal Deposit Insurance Corp. (FDIC). At the time, the Biden administration assured Americans that taxpayers would not be on…
US, South Korea to Expand Cooperation in Foreign Exchange, Price Cap on Russian Oil
July 20, 2022
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Asia & PacificBusiness & MarketsRussian oilSecretary Janet YellenSouth KoreaThe United StatesUSWorld
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The United States and South Korea have agreed to expand cooperation in stabilizing the foreign exchange market and capping the price of Russian oil to alleviate rising global inflation. U.S. Treasury Secretary Janet Yellen met with South Korean Finance Minister Choo Kyung-ho in Seoul on Tuesday to discuss economic security and measures for strengthening supply…
‘I Think I Was Wrong’ and ‘Didn’t Fully Understand’ Inflation: Treasury Secretary Janet Yellen
Treasury Secretary Janet Yellen admitted in an interview with CNN that her past views on how inflation in the United States would progress were faulty. Yellen, along with Federal Reserve officials, had previously insisted that inflation was temporary. However, with inflation now near four-decade highs, many have been forced to change their stance on the…
Yellen Dismisses Possibility of US Recession But Admits Inflationary Risks
Secretary of the Treasury Janet Yellen dismissed the possibility that the United States might enter into recession anytime soon while speaking at a press conference ahead of the Group of Seven (G-7) finance ministers meeting in Germany. “We are in a global environment where there are significant risks and pressures, but I really don’t expect…
US Consumer Sentiment Hits Lowest Point in Over a Decade
March 12, 2022
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Business & Economyconsumer sentimentinflationMarketsSecretary Janet Yellenuniversity of michigan surveyUSUS News
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The U.S. consumer sentiment, measured by the University of Michigan, has fallen to its lowest level in almost 11 years as of early March 2022, while the Treasury secretary predicts persistent high inflation for the year ahead. Preliminary results for the current month show the consumer sentiment index having a value of 59.7, which is…
Omicron Could Disrupt US Economic Recovery, Inflation No Longer ‘Transitory’: Yellen
December 3, 2021
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Business & EconomyeconomyinflationJerome Jay PowellOmicron variantSecretary Janet YellentransitoryUSUS News
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The new coronavirus variant Omicron may affect inflation rates and worsen existing supply chain disruptions leading to slower economic growth claimed U.S. Treasury Secretary Janet Yellen on Thursday at the Reuters Next conference. As the economy keeps recovering from pandemic-related restrictions, and life “returning towards normal” with “increased vaccination and booster shots,” Yellen said that…
Harvard Economist Claims US Economy on ‘Knife-Edge,’ but Fed Maintains Inflation Is Temporary
November 21, 2021
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Build Back BetterBusiness & EconomyEconomieseconomyinflationMaria BartiromoSecretary Janet YellenUSUS News
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A Harvard economist has said that the high rate of inflation currently plaguing the United States has positioned the economy on a “knife edge,” and it’s difficult to see how the Fed’s indecisive wait-and-see stance will bring it back on track. Kenneth Rogoff said on Fox Business’s “Mornings with Maria” that the recovery is “still…
Yellen Cites Need for Compromise on Digital Service Taxes in Call With French Counterpart
WASHINGTON—U.S. Treasury Secretary Janet Yellen, in a call on Friday with French Finance Minister Bruno Le Maire, stressed the importance of reaching a compromise on the withdrawal of digital services taxes, the Treasury Department said in a statement. Yellen also conveyed appreciation for Le Maire’s dedication to the effort of reforming the global tax system,…
Over 100 GOP US House Members Declare They Will Not Vote to Raise Debt Ceiling
Over 100 House Republican members declared that they will not raise the debt ceiling in a letter written to the American people, adding that it is Democrats who should take responsibility for making the change to the debt limit because of their continued “spending spree.” “Democrats have embarked on a massive and unprecedented deficit spending…
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