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The Latest Breaking News from Janet Yellen

'Friend-Shoring' Might Be Bad for Global Growth and Inflation

As geopolitical tensions rise, Western governments have urged international companies to shift more business to friendly countries. Some critics think that could split the global economy into hostile camps, hurting growth and worsening inflation.

Bangkok Post

Russia Sanctions US Treasury and Energy Secretaries, Defense and Media Executives

Russia has imposed personal sanctions on 61 US officials including Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm and leading defense and media executives, the Russian foreign ministry said on Monday. The ministry said it had imposed personal sanctions, which ban those named from entering Russia, in retaliation for…

Asharq Al-Awsat

Russia sanctions U.S. Treasury and energy secretaries, defence and media executives

Russia has imposed personal sanctions on 61 U.S. officials including Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm and leading defence and media executives, the Russian foreign ministry said on Monday.

Reuters

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How the West should engage China

The world order is at risk of a lasting split, with the United States and its allies on one side, and China and its partners on the other. As US Treasury Secretary Janet Yellen noted at an Atlantic Council event last month, this outcome is far from desirable, and the…

Bangkok Post

Yellen denies urging smaller Biden relief plan in early 2021

WASHINGTON — Janet Yellen denied advocating for a smaller American Rescue Plan than the $1.9 trillion package proposed by the Biden administration and passed by Congress in early 2021, after an advance copy of a book about the Treasury secretary showed she initially urged scaling it back by a third.

Tribune News Service

Biden commerce secretary shifts blame for inflation on to Russia’s war in Ukraine

Gina Raimondo’s comments seen as part of a White House push to deflect blame for nation’s economic troubles away from Biden

The Guardian - US

Yellen wanted Biden relief plan scaled back, biographer says

WASHINGTON — Janet Yellen, worried by the specter of inflation, initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third, according to an advance copy of a biography on the Treasury secretary.

Tribune News Service

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To avoid ‘historic shellacking’ in midterms, Biden is promoting a sunny view of US economy

Much of America does not seem to be buying the optimistic vision that Biden and his team are selling

The Guardian - US

News analysis: Biden, who ran on competency and experience, is struggling to manage multiple crises

WASHINGTON — President Joe Biden's virtual meeting Wednesday with industry executives in the South Court Auditorium, a soundstage in the hulking office building adjacent to the White House, was held to highlight the administration's response to the ongoing infant formula shortage.

Los Angeles Times

Karl W. Smith: Biden’s economic hubris gives way to humility

Treasury Secretary Janet Yellen has finally admitted how badly she underestimated the inflationary threat last year. Although President Joe Biden himself continues to insist the economy is better than it looks, even he acknowledges that Americans won’t view the economy more favorably until rising prices are tamed.

Tribune News Service

Treasury Secretary Janet Yellen says she was wrong about the risks of inflation

Treasury Secretary Janet Yellen tells CNN she was wrong about the trajectory of inflation during interviews a year ago.

WEKU

Treasury Secretary Janet Yellen: "I was wrong about the path inflation would take"

"There have been unanticipated and large shocks to the economy that have boosted energy and food prices," she told CNN.

Axios

Yellen says ‘I was wrong’ last year on the path of U.S. inflation

Treasury Secretary Janet Yellen gave her most direct admission yet that she made an incorrect call last year in predicting that elevated inflation wouldn’t pose a continuing problem.

Tribune News Service

Russia offers foreign debt payment system similar to gas one

Russia says it will use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts

The Independent UK

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Tribune News Service

Window closing for US to implement global corporate tax deal

With midterm elections fast approaching, Democrats’ window to follow through on the Biden administration’s plan for rooting out tax havens and raising taxes on global companies’ foreign profits may be closing.

Roll Call

Window closing for US to implement global corporate tax deal - Roll Call

Democrats’ window for rooting out tax havens and raising taxes on global companies’ foreign profits may be closing.

The Independent UK

Worry about stagflation, a flashback to '70s, begins to grow

Stagflation

WEKU

Women who are denied abortions risk falling deeper into poverty. So do their kids

A large body of research shows being denied an abortion limits women's education, time in the workforce and wages. It also finds long-term negative impacts for their children.

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WEKU

Here's how much it could cost to rebuild Ukraine — and who would pay for it

History has many lessons to offer on how much it will cost to rebuild Ukraine, and how it can be done to help set the country up for a more prosperous and safe future.

Tribune News Service

US’s China-tariff review likely to take months, aide says

The U.S.’s review of tariffs on more than $300 billion in Chinese imports that’s required as the duties reach their four-year anniversary will likely take months, a top trade official said.

The Independent UK

US to end Russia's ability to pay international investors

The U.S. will close the last avenue for Russia to pay back its billions in debt to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable

Axios

Larry Summers' new inflation target: Biden's "hipster" antitrust policies

Larry Summers is criticizing BIden's antitrust police on inflation, including the FTC and DoJ.

Tribune News Service

US Treasury set to push Russia closer to default

The U.S. Treasury Department is expected to tighten sanctions this week on Russia, threatening about $1 billion owed to bondholders for the rest of this year and putting the country once again on the edge of default.

Bangkok Post

Higher Interest Rates Raise Risk of Future Fed Losses

The Federal Reserve's plans to raise interest rates aggressively to combat high inflation could have an overlooked and uncomfortable side effect for the central bank: capital losses.

The Independent UK

AP News Digest 3 a.m.

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at https://newsroom.ap.org.

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