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The U.S. will release roughly a million barrels of oil a day from its reserves for six months, a historic drawdown that underscores White House concern about rising gas prices and supply shortages following Russia’s invasion of Ukraine. → Read More
Citigroup Inc. has processed the US$117 million Russia transferred to pay two bond coupons, and has sent the cash further along the payment chain, according to a person familiar with the matter. → Read More
Group of Seven finance ministers are closing in on an agreement to drive for a minimum corporate rate of “at least 15 per cent” in international tax negotiations, as the U.S. proposed late last month, according to people familiar with the matter. → Read More
U.S. Treasury Secretary Janet Yellen said she continues to see this year’s burst in inflation as temporary, though likely to last through the end of 2021. → Read More
U.S. Treasury Secretary Janet Yellen’s team has proposed a 15 per cent global minimum corporate tax in international negotiations aimed at ending competition to lure companies through cheap rates, which then end up eroding government revenues. → Read More
Treasury Secretary Janet Yellen is urging a skeptical business community to support corporate-tax increases to help pay for the administration’s proposed US$2.25 trillion investment in the nation’s infrastructure, touting greater profits. → Read More
Treasury Secretary Janet Yellen said the department’s fiscal tools to keep the national debt from breaching its congressionally mandated limit may be exhausted as soon as this summer. → Read More
Treasury Secretary Janet Yellen faces the challenge of speeding a debt-ceiling increase through Congress without shaking investor confidence, a potentially difficult task even with Democrats controlling both chambers and the White House. → Read More
Treasury Secretary Janet Yellen said interest rates may have to rise modestly to prevent the U.S. economy from overheating due to higher levels of government spending, without specifying a timeframe. → Read More
Treasury Secretary Janet Yellen will decline to name China as a currency manipulator in her first semiannual foreign-exchange report, according to people familiar with the matter, a move that allows the U.S. to sidestep a fresh clash with Beijing. → Read More
President Joe Biden said he hasn’t spoken with Federal Reserve Chair Jerome Powell since taking office more than two months ago, citing respect for the central bank’s independence and marking a sharp turn from his predecessor, Donald Trump. → Read More
Treasury Secretary Janet Yellen outlined the case for a harmonized corporate tax rate across the world’s major economies, part of an effort to restore global leadership and credibility with U.S. allies following the unilateralist approach of the Trump era. → Read More
Treasury Secretary Janet Yellen dismissed fears that President Joe Biden’s $1.9 trillion pandemic-relief bill is so big that it will cause an inflation problem. → Read More
Yellen pointed to more than 9 million Americans still unemployed compared with before the COVID-19 crisis hit, with 4 million having left the workforce entirely. → Read More
Treasury Secretary Janet Yellen stressed the need for the Group of Seven countries to “go big” with fiscal stimulus to support economic recovery from the global pandemic, amid calls for expanding the International Monetary Fund’s resources to help developing nations. → Read More
Treasury Secretary Janet Yellen said the U.S. can return to full employment in 2022 if it enacts a robust enough coronavirus stimulus package, but otherwise risks a slower rebound in jobs and the economy. → Read More
The U.S. Treasury is leaning toward backing a boost of as much as $500 billion to the International Monetary Fund’s resources, helping it support developing nations against the Covid-19 crisis, according to people familiar with the matter. → Read More
Treasury Secretary Janet Yellen faces one more headache on an agenda packed with everything from COVID-19 relief to addressing inequality and overhauling tax policy: tensions over foreign-exchange intervention. → Read More
Treasury Secretary Janet Yellen highlighted the past coordination between her new department and her previous fiefdom, the Federal Reserve, as she sought to rally the agency’s staff in battling an array of crises besetting the nation. → Read More
Janet Yellen was confirmed by the U.S. Senate as the country’s 78th Treasury secretary and the first woman to hold the job, putting her in charge of overseeing an economy that continues to be hobbled by the coronavirus pandemic. → Read More