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The Latest Breaking News from Janet Yellen

The Clock Is Ticking: U.S. Could Default on Debt Payments by June 1

It's time for President Joe Biden and House Speaker Kevin McCarthy to strike a deal that will avoid a default and cut spending.

Reason

Yellen breaks the debt ceiling ice

The timeline is more urgent than it looks, and a vast chasm remains between the two parties.

Axios

Yellen warns of looming June 1 US debt ceiling deadline

US Treasury Secretary Janet Yellen has written to congressional leaders warning that the federal government could run out of cash as early as June 1, unless they agree on raising the debt limit or suspending it. President Joe Biden has invited Republican House leader Kevin McCarthy for talks on May…

France 24

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Treasury’s Yellen says U.S. could default as soon as June 1

Treasury Secretary Janet Yellen warns lawmakers that if they do not vote to raise or suspend the nation’s borrowing authority it could cause a global financial crisis.

Chicago Sun-Times

Morning Digest | India leads ‘Laundromat’ countries buying Russian crude, selling refined products to Europe; U.S. projected to hit debt ceiling as soon as June 1, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

The Hindu

US Treasury says government may default on debt as early as June

A letter from US Treasury Secretary Janet Yellen warns of potential ‘harm to business and consumer confidence’.

Al Jazeera

Biden invites House and Senate leaders to White House as debt limit crisis looms

Mr Biden will meet with top House and Senate leaders on 9 May

The Independent UK

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The U.S. could run out of cash to pay its bills by June 1, Yellen warns Congress

Treasury Secretary Janet Yellen warned lawmakers that unless the debt ceiling is raised soon, the federal government may not have enough money to pay its bills as early as June 1.

WEKU

U.S. may hit debt ceiling as early as June 1, Janet Yellen warns

"It is imperative that Congress act as soon as possible to increase or suspend the debt limit," Yellen wrote.

Axios

US borrowing increases as standoff over debt continues

The Treasury Department said Monday it plans to increase its borrowing during the April to June quarter of this year

The Independent UK

The $100 billion meltdown of First Republic could play out 3 ways—and 2 are terrible for shareholders

The once high-flying bank has seen shareholders flee as concern mounts that the FDIC may have to step in.

Fortune

Washington Doesn’t Want You to Call It Decoupling

The United States hopes to redefine its economic relationship with China to prevail in the biggest strategic showdown of the century.

Foreign Policy

Biden aims to unveil China investment curbs with G-7 backing

WASHINGTON — President Joe Biden aims to sign an executive order in the coming weeks that will limit investment in key parts of China’s economy by American businesses, people familiar with the internal deliberations said.

Tribune News Service

Security comes first in U.S.-China economic relations, says Treasury Secretary Yellen

Still, U.S. and China need to work together on issues like climate change and debt relief.

WEKU

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Axios

Yellen's new strategy in U.S.-China economic diplomacy

Tensions between the U.S. and China shouldn't stand in the way of a constructive economic relationship, U.S. Treasury Secretary Janet Yellen said Thursday.

The Independent UK

Yellen calls for better US-China relations as tensions rise

Treasury Secretary Janet Yellen will strike a conciliatory tone when she talks about U.S.-China relations

Tribune News Service

Commentary: Biden’s stall tactics won’t fix the federal government’s finances or bring down inflation

If you listen to Treasury Secretary Janet Yellen or President Joe Biden, it sounds like the country will implode if Congress fails to raise the debt ceiling in a couple months. But Biden’s words don't match his actions.

Fortune

Janet Yellen says the U.S. can avoid recession—and thanks the bank crisis

Last month's bank crisis could be a "substitute" for further interest rate hikes by the Fed that might trigger a recession.

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The Independent UK

Slow start on World Bank reform angers climate-hit countries

World Bank meetings in Washington were supposed to be a first step in a new era of affordable loans for developing nations hard hit by climate change

Reuters

Ukrainian PM says critical to start reconstruction in 2023

Ukrainian Prime Minister Denys Shmyhal on Thursday welcomed the "continuous, ironclad and unprecedented support" of the United States as his country fights Russia's invasion, and underscored Ukraine's commitment to battling corruption.

The Independent UK

New India-born World Bank chief: Real change or rebranding?

The incoming president of the World Bank was born in India and had his early success in business there

The Independent UK

Zelenskyy calls for confiscating Russian Central Bank funds

Ukraine’s president is renewing his call to confiscate Russian Central Bank assets held around the world and use them to help rebuild Ukraine

Fortune

'The situation is quite fragile': The IMF just issued its weakest outlook for the world economy in 3 decades

The IMF is worried about a “hard landing,” with sticky inflation meaning the odds of a recession have “risen sharply.”

Axios

First look: Yellen's cautious optimism on the economy

The Treasury secretary's glass-half-full outlook isn't shared by IMF chief.

Asharq Al-Awsat

US Treasury: World Bank Could Lend $50b More Over Decade With Reform

The World Bank's ongoing reform could result in a $50 billion lending boost over the next decade, US Treasury Secretary Janet Yellen told AFP ahead of stakeholders' meetings next week where key changes are expected to be announced. Central bankers, finance ministers and participants from more than 180 member countries…

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