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Janet Yellen, the outgoing US Treasury secretary, has warned that the next administration's plan to extend the 2017 Republican tax cuts could disrupt the financial marekt and worsen an already challenging US fiscal outlook. "The projected fiscal path under current budget policy is simply not sustainable, and failure to act or take action that exacerbates the projected deficit could have dire consequences," Yellen said on Wednesday.
In a letter to congressional leaders, Janet Yellen, Treasury secretary, said the Treasury expected the US to hit the debt ceiling as early as January 14-23, 2025, and that "extraordinary measures" might be needed to avoid the federal government falling into default. Risk assets ended weaker just before the letter was released. US stocks fell, with the Standard & Poor's 500, Nasdaq 100 and Dow Jones Industries Average all down about...
U.S. Treasury Secretary Janet Yellen said on Friday that the U.S. financial system continues to face commercial real estate risks and vulnerabilities posed by digital assets in 2024, despite cooling inflation and low unemployment boosting the overall economy. She hinted that the Financial Stability Oversight Council (FSOC) member regulator remains focused on monitoring credit risk for commercial real estate and urged officials to keep an eye on Wall Street's ability to respond.
Testifying before the House Financial Services Committee, U.S. Treasury Secretary Janet Yellen highlighted concerns about Russia's use of cryptocurrencies to evade sanctions, noting that while it may not be a significant issue right now, it could become even more worrisome as sanctions tighten.
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