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The Latest Breaking News from Janet Yellen

G-7 pledges to move forward with Russia oil price cap system

Finance ministers from the Group of Seven industrial powers have pledged to put in place a system designed to cap Russia’s income from oil sales, an idea the nations’ leaders had promised to explore in June

The Independent UK

G7 agree price cap on Russian oil to stop Putin’s ‘ability to fund war of aggression’

The cap is expected to be introduced in December for crude oil and for petroleum products in February

Evening Standard

Janet Yellen kicks off month-long economic victory tour to sell Biden's achievements

The Treasury secretary plans to spend some of her intellectual capital to make the case for Biden's economy.

Axios

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Yellen warns of failure to agree on Russia oil price cap

Treasury Secretary Janet Yellen is warning that a failure to place a price cap on Russian oil would hurt the global economy

The Independent UK

Fact check: Will middle-class taxpayers really face an ‘army’ of IRS agents?

WASHINGTON — Look out, warn the Republicans. The Internal Revenue Service is about to unleash an army of agents eager to audit you and cost you a lot of money and aggravation.

McClatchy Washington Bureau

Treasury Dept. debunks armed agent rumor

"Deeply dangerous nonsense," says representatives regarding the rumor

Salon

Manchin Rebuts Elon Musk, Michael Burry On The Biden IRS Funds: Here's What The New Inflation Bill Actually Does

President Joe Biden signed into law a massive budget reconciliation bill this week known as the Inflation Reduction Act of 2022.

Benzinga

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Expanded IRS free-file system one step closer in Dems' bill

The flagship climate change and health care bill passed by Democrats and soon to be signed by President Joe Biden will bring U.S. taxpayers one step closer to a government-operated electronic free-file tax return system

The Independent UK

Don't Believe the White House's Promises About Who the New IRS Will Audit

Media "fact-checkers" are taking administration promises at face value and using them to bludgeon Republicans.

Reason

Biden team pushes to allay concerns about tax enforcement funds

US Treasury secretary directs IRS chief against using new resources to audit more households making less than $400,000.

Al Jazeera

Friendshoring: what is it and can it solve our supply problems?

With offshoring now faltering, a US-led trend sees firms shifting manufacturing and more to countries with shared values. But this won’t be cost-free

The Guardian - UK

Who are the eight economists who decide when the US is in a recession?

The US Commerce Department on Thursday announced that the country’s gross domestic product had fallen for the second consecutive quarter, although President Joe Biden said the economic data overall “doesn’t sound like a recession”. In most countries, two successive quarters of GDP decline qualify as a recession – but not…

France 24

'Wikipedia Is Losing Its Objectivity': Elon Musk Responds To Recession Definition Changing, Page Being Locked

Free community based online encyclopedia Wikipedia allows users to update sites with information and facts. Sometimes users take things too far and post funny items or inaccurate information. In the case of the word “recession,” multiple attempts to change the definition led to the page being locked.

Benzinga

U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

GDP shrank for a 2nd quarter in a row. While two consecutive quarters of negative growth is often considered a recession, it's not an official definition. Parts of the economy are clearly struggling.

WEKU

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Tribune News Service

US risks losing billions in taxes as Congress spurns global deal

WASHINGTON— The groundbreaking global corporate-tax agreement secured last year by Treasury Secretary Janet Yellen included a “failsafe” measure to encourage compliance by its 137 signatories.

The Guardian - US

Fed announces another three-quarter-point increase in interest rates

The move is intended to curb inflation though previous increases this year have had little effect so far

France 24

Live: Three Ukrainian ports resume work following deal on grain exports

Three Ukrainian Black Sea ports resumed work Wednesday, Ukraine's navy said, following a UN-backed deal aimed at releasing 25 million tonnes of cereals stuck in Ukraine. Russian energy giant Gazprom cut gas deliveries to Europe via the Nord Stream pipeline to about 20 percent of its capacity, German authorities said.…

Reuters

Yellen discusses price cap on Russian oil with UK's Zahawi - U.S. Treasury

U.S. Treasury Secretary Janet Yellen highlighted a proposed price cap on Russian oil on a phone call with British Finance Minister Nadhim Zahawi on Tuesday, a move to reduce the impact of the war in Ukraine on global energy prices.

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The Independent UK

Yellen downplays US recession as wave of economic data looms

Treasury Secretary Janet Yellen says the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession

Tribune News Service

Yellen says signs of US recession aren’t in sight for now

WASHINGTON — Treasury Secretary Janet Yellen expressed confidence in the Federal Reserve’s fight against inflation and said she doesn’t see any sign that the U.S. economy is in a broad recession.

Newsroom.co.nz

Golden chance for NZ exports as West 'friend-shores' its supply chain

The US is leading calls to trade first with countries it knows and trusts. NZ must grasp opportunities to be part of such international supply chain resilience initiatives.

Reuters

U.S. Treasury's Yellen welcomes Ukraine debt freeze, calls on creditors to join

U.S. Treasury Secretary Janet Yellen on Wednesday said she welcomed a decision to suspend Ukraine's debt service obligations by a group of six creditor countries, including the United States, and urged other official and private creditors to join the effort.

WEKU

Yellen believes U.S. will get on board with global minimum corporate tax — eventually

Treasury Secretary Janet Yellen spoke to Morning Edition about global efforts to choke off much of Russia's profit from oil sales and the odds of a recession in the U.S.

Reuters

Promoting women will boost economic potential of U.S., S.Korea - Yellen

Boosting women's participation in the workforce and giving them more leadership opportunities would boost the economic potential of South Korea and the United States, U.S. Treasury Secretary Janet Yellen told a group of women entrepreneurs in Seoul.

Al Jazeera

US promotes ‘friend-shoring’ of trade with eye on China, Russia

US treasury secretary highlights economic threat posed by ‘unreliable countries’ during visit to South Korea.

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