Treasury Department
U.S. Will Hit Debt Limit Jan. 19, Yellen Tells Congress
WASHINGTON — Treasury Secretary Janet L. Yellen warned on Friday that she would have to begin employing “extraordinary measures” to continue paying the nation’s bills this month if lawmakers do not act to raise the statutory debt limit and that her powers to delay a default could be exhausted by early June. Ms. Yellen’s letter […]
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Biden Administration’s Bid to Cap Russia Oil Prices Faces Resistance
WASHINGTON — The Biden administration’s push to form an international buyers’ cartel to cap the price of Russian oil is facing resistance amid private sector concerns that it cannot be reliably enforced, posing a challenge for the U.S.-led effort to drain President Vladimir V. Putin’s war chest and stabilize global energy prices. The price cap […]
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Kraken, a U.S. Crypto Exchange, Is Suspected of Violating Sanctions
Kraken, one of the world’s largest cryptocurrency exchanges, is under federal investigation, suspected of violating U.S. sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens, according to five people affiliated with the company or with knowledge of the inquiry. The Treasury Department’s Office of Foreign Assets Control has been investigating […]
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How Joe Manchin Left a Global Tax Deal in Limbo
WASHINGTON — In June, months after reluctantly signing on to a global tax agreement brokered by the United States, Ireland’s finance minister met privately with Treasury Secretary Janet L. Yellen, seeking reassurances that the Biden administration would hold up its end of the deal. Ms. Yellen assured the minister, Paschal Donohoe, that the administration would […]
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Veterans of Carter-Era Inflation Warn That Biden Has Few Tools to Tame Prices
WASHINGTON — When inflation surged in the late 1970s, President Jimmy Carter convened his top economic advisers for weekly lunch meetings in which they tended to offer overly optimistic forecasts of how high prices would rise. But the political consequences of rising prices could not be escaped: By 1978, Democrats had lost seats in the […]
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Yellen Calls on Europe to Boost Ukraine Aid
BRUSSELS — Treasury Secretary Janet L. Yellen urged European nations on Tuesday to step up their spending to support Ukraine as Russia’s attacks on the country’s critical infrastructure showed few signs of abating. The United States and Europe have coordinated closely in enacting sweeping sanctions against Russia in the nearly three months since its president, […]
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Yellen Looks to Get Global Tax Deal Back on Track During Europe Trip
Poland’s stance was sharply criticized by European officials, particularly France, whose finance minister, Bruno Le Maire, suggested that Warsaw was instead holding up a final accord in retaliation for a Europe-wide political dispute. Poland has threatened to veto measures requiring unanimous E.U. votes because of an earlier decision by Brussels to block pandemic recovery funds […]
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How Do Higher Interest Rates Bring Down Inflation?
This kind of communication was less common 30 years ago. But a series of Fed chairs — Alan Greenspan, Ben S. Bernanke and Janet L. Yellen — expanded the practice. Jerome H. Powell, confirmed for his second term as the leader of the Fed on Thursday, has made it central. The Fed uses official statements, […]
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Fed Officials Are on the Defensive as High Inflation Lingers
Christopher Waller, a governor at the Federal Reserve, faced an uncomfortable task on Friday night: He delivered remarks at a conference packed with leading academic economists titled, suggestively, “How Monetary Policy Got Behind the Curve and How to Get Back.” Fed officials — who set America’s monetary policy — have found themselves on the defensive […]
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