All articles tagged with #yellen
US Treasury Secretary Janet Yellen has denied claims that the G20 weakened its statement on Ukraine during the recent summit in New Delhi. Yellen stated that the G20's statement on Ukraine was strong and that the group remains committed to supporting Ukraine's sovereignty and territorial integrity.
Treasury Secretary Janet Yellen called on China to support international climate finance funds and contribute more to help developing countries combat climate change. While China has expressed support for programs to assist poor nations in dealing with the effects of climate change, it has resisted paying into such funds, arguing that it is still a developing nation. Yellen emphasized that China, like the United States, has a responsibility to be a climate finance leader and that greater cooperation between the two countries could have a significant impact in addressing climate change. The United States and China are both facing pressure to provide more financial assistance to developing countries struggling with coal phase-outs, renewable energy development, and climate change adaptation measures.
Stock futures for Dow Jones, S&P 500, and Nasdaq 100 dipped slightly on Sunday evening as traders monitored the negotiations over the U.S. debt ceiling. President Joe Biden and House Speaker Kevin McCarthy are set to meet on Monday to continue negotiations. Treasury Secretary Janet Yellen has warned that the U.S. could default on its debt as early as June 1. Despite the uncertainty, the market has continued to rise, led by tech stocks. Bank of America strategist Savita Subramanian hiked her year-end target for the S&P 500 to 4,300 from 4,000, saying that stocks were not overvalued. The upcoming week has a relatively light slate of economic data, highlighted by a second reading for first-quarter GDP on Thursday and the personal consumption expenditures inflation gauge on Friday.
US Treasury Secretary Janet Yellen has warned of "dreadful" global consequences if the US fails to raise its debt limit, which is set to expire on October 18. Yellen urged Congress to act quickly to avoid a potential default, which could have severe impacts on the global economy. The US has already reached its borrowing limit, and failure to raise it could lead to a government shutdown and a potential recession.
The National Association of Government Employees has filed a lawsuit against President Joe Biden and Treasury Secretary Janet Yellen, seeking an injunction to prevent the government from defaulting on its debts. The union argues that the debt ceiling is unconstitutional and gives the president unchecked discretion to cancel or curtail government operations approved by Congress without its approval. The lawsuit also points to the 14th Amendment, which prohibits questioning the validity of public debt. The government will run out of extra cash early next month, and incoming tax revenue won't be enough to cover spending required by law.
A Gallup poll shows that public confidence in President Biden, Federal Reserve Chairman Jerome Powell, and Treasury Secretary Janet Yellen on economic matters has plummeted due to chronic inflation and the growing threat of a recession. Only 35% of Americans have confidence in Biden's ability to do or recommend the right thing for the economy, while Powell's approval rating stands at 36%, matching the lowest level of public confidence for a Fed chair on record. Similarly, just 37% of those polled say they have a great deal or fair amount of confidence in Yellen.
The National Association of Government Employees (NAGE) has filed a lawsuit against President Biden and Treasury Secretary Janet Yellen to block enforcement of a law that sets the nation’s debt limit, arguing it is unconstitutional. The lawsuit contends that if the debt limit is reached, President Biden and Yellen would be forced to decide which payments to prioritize, violating the separation of powers by taking over Congress’s spending authority. Yellen has said that the U.S. could default on its debt as early as June 1 if the borrowing limit is not raised.
Uber forecasts higher-than-expected earnings for Q2 due to a surge in demand for travel and food delivery. Treasury Secretary Janet Yellen warns Congress that the US government may not meet all payment obligations as early as June 1 without action. Pfizer beats Q1 revenue and profit estimates and reaffirms annual earnings forecast. Chegg's Q2 revenue falls short of Wall Street expectations due to concerns over the usage of viral chatbot ChatGPT. Tesla raises prices in multiple markets after slashing prices of its top-selling vehicles since the start of the year.
Janet Yellen, the US Treasury Secretary, has stated that deposit outflows from the banking system have stabilized, but there has been some tightening of bank lending standards. She also warned that financial system sanctions linked to the US dollar could undermine its hegemony, leading to a desire by China, Russia, and Iran to find an alternative. However, Jim Bianco has highlighted that money is flowing in one direction within the banking system, with mega-cap US banks rising and small-cap banks falling.
Despite assurances from Janet Yellen and Jerome Powell about the resilience of the banking system, Deutsche Bank's stock prices have been fluctuating amid fears of contagion and uncertainty about potential help for banks. The collapse of Silicon Valley Bank and the UBS-Credit Suisse deal have added to the volatility in the banking sector.
The Asian open on Thursday may hinge on which of the conflicting narratives thrown up by late U.S. trading on Wednesday investors choose to run with: the Fed's 'dovish hike', or Treasury Secretary Janet Yellen's remarks on the banking system. Implied U.S. rates and Treasury bond yields fell sharply after the Fed raised rates by a quarter point and Chair Jerome Powell said policymakers had considered a pause in light of the recent turmoil in the domestic banking system.
President Biden faces political risks as he navigates the ongoing banking crisis, with potential backlash from both saving or not saving banks. The recent infusion of $30 billion by major banks to prop up First Republic Bank and the use of the Deposit Insurance Fund to guarantee deposits in Silicon Valley Bank and Signature Bank have raised concerns about potential taxpayer-funded bailouts. Treasury Secretary Janet Yellen has reassured Americans that no taxpayer money is being used, but critics, including Republican politicians Nikki Haley and Ron DeSantis, have inaccurately labeled the actions as bailouts. Biden's political future may depend on avoiding voter fury over perceived bailouts.
Republican senators pressed Treasury Secretary Janet Yellen on the lack of a Social Security plan in President Biden's recent budget proposal during a Senate Finance Committee hearing. Yellen defended her and Biden's motives, but provided few new details beyond saying that Social Security is a priority for the president and reiterating that the Biden administration would agree to no benefit cuts. The omission of a plan for Social Security in the budget is in striking contrast to Medicare, where the President did offer a detailed plan. Talks are underway across Capitol Hill for how to shore up the program with the most prominent effort led by Sens. Cassidy and Angus King (I-ME).
Janet Yellen, the US Treasury Secretary, is set to testify before Congress and will tell lawmakers that the US banking system "remains sound".