Yellen warns of debt ceiling “catastrophe” for the US and beyond

Secretary Yellen during a meeting with the President of Zambia Hakainde Hichilema in Washington, DC. Photo: Kevin Dietsch/Getty Images Treasury Secretary Janet Yellen told Axios she is “nervous” about the US defaulting on its debt and cautioned that Americans will likely face a scary and spiraling recession if Congress doesn’t raise the debt ceiling this … Read more

Treasury suspends some federal retirement funding

US Treasury Secretary Janet Yellen listens to a reporter’s question at a news conference during the Annual Meetings of the International Monetary Fund and World Bank in Washington, US, October 14, 2022. Elizabeth Frantz | Reuters The US Treasury will suspend full funding of a federal retirement program, the latest in a string of actions … Read more

Door of No Return: Yellen visits one-time slave-trading post

GOREE ISLAND, Senegal (AP) — US Treasury Secretary Janet Yellen paid a solemn visit Saturday to the salmon-colored house on an island off Senegal that is one of the most recognized symbols of the horrors of the Atlantic slave trade that trapped tens of millions of Africans in bondage for generations. Yellen, in Senegal as … Read more

How the debt ceiling affects your money, according to financial pros

The US hit the debt ceiling on Thursday, which forced the Treasury Department to begin taking so-called “extraordinary measures” to continue paying the government’s bills. Treasury Secretary Janet Yellen told lawmakers on Jan. 13 that these short-term moves, including suspending reinvestment in the workplace retirement plan for federal employees, could allow the government to pay … Read more

Yellen warns of ‘global financial crisis’ if US debt limit agreement isn’t reached

CNN — Treasury Secretary Janet Yellen on Friday warned of the widespread global effects that could be felt if the federal government exhausts extraordinary measures and fails to raise the debt ceiling, telling CNN’s Christiane Amanpour about the ways everyday Americans could face stark consequences. Yellen’s warning comes after the United States on Thursday hit … Read more

China turns on the charm – POLITICO

Press play to listen to this article Voiced by artificial intelligence. Beijing wants to be friends again. Chinese diplomats are fanning out with a new softer message for international partners and adversaries alike. Gone is the aggressive “wolf warrior” rhetoric. In its place, a warmer tone and a promise of economic cooperation. Vice Premier Liu … Read more

Chinese markets could be winners. Tips to proceed with caution

The reopening of China has reawakened a broader interest in foreign investing, and strategists expect it to deliver rewards to investors in its own markets and beyond this year. Strategists see China’s markets easily scoring double-digit gains this year. Hong Kong’s Hang Seng index is up just under 10% year-to-date while mainland markets, like Shanghai, … Read more

US hits debt ceiling, prompting Treasury to take extraordinary measures

CNN — The US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills and escalating pressure on Capitol Hill to avoid a catastrophic default. The battle lines for the high-stakes fight have already been seen. Hardline Republicans, who have … Read more

Debt ceiling: Here’s what you should know as the threat of default looms

CNN — The clock is now ticking to prevent a financial crisis. The US hit its debt ceiling Thursday, triggering the Treasury Department to start taking extraordinary measures to prevent a default. While Treasury Secretary Janet Yellen does not expect the US to default on its debt before early June, Congress has to get serious … Read more

Davos elites see a major risk ahead for markets with the looming US debt standoff

DAVOS, Switzerland – The finance and tech CEOs gathering at the World Economic Forum this week expressed measured optimism about the economy in 2023 — but at least one major risk looms for markets, they said. The resilient US economy, a mild European winter and China’s reopening have given investors and forecasters hope that a … Read more