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☆ Bill Ackman Gives $1 Million to Long-Shot 2024 Democrat Dean Phillips
▼ + stars: | 2024-01-14 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

Even with the new funding, Rep. Dean Phillips, a Minnesota Democrat, will still have a tough time in the primary contest against the president. Photo: brian snyder/ReutersHedge fund billionaire Bill Ackman said he was committing $1 million to support Rep. Dean Phillips ’s challenge to President Biden for the Democratic nomination in the presidential election. Even with the new funding, Phillips (D., Minn.) remains a long shot in the primary contest against Biden, who enjoys the backing of the Democratic Party’s machinery, despite concerns about his age and polling showing him trailing likely Republican nominee Donald Trump.

Persons: Dean Phillips, brian snyder, Bill Ackman, Dean Phillips ’, Biden, Phillips, Donald Trump Organizations: Minnesota Democrat, Reuters, Democratic, Republican Locations: Minnesota, Minn

☆ Biden’s EV Subsidy Rules Leave Room for Chinese Suppliers
▼ + stars: | 2023-12-01 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

A challenge is making electric vehicles cheaper, to bring down carbon emissions, while reducing reliance on China. Photo: Alisha Jucevic/Bloomberg NewsThe Biden administration is moving to jolt the domestic electric-car industry out of its reliance on China. But much-awaited rules released Friday appear to leave some room for U.S. companies to work with Chinese partners. The new requirements will likely reduce the number of electric-vehicle models that consumers can buy and qualify for a $7,500 tax credit. How many vehicles are eligible will hinge on automakers’ ability to build cars that comply with the rules.

Persons: Alisha Jucevic, Biden Organizations: Bloomberg Locations: China

☆ Biden to Limit Chinese Role in U.S. EV Market
▼ + stars: | 2023-11-29 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

How the government defines battery materials from a ‘foreign entity of concern’ could have sales implications for Ford Motor and other makers of electric vehicles. Photo: jeff kowalsky/Agence France-Presse/Getty ImagesThe Biden administration is expected to release tax-credit rules on Friday that could shape the American market for electric vehicles, people familiar with the matter said. The U.S. last year revamped a $7,500 tax subsidy for people who buy new EVs. One of the changes says consumers won’t be able to claim the credit if they purchase cars containing battery materials from a “foreign entity of concern.” Lawmakers included the rule in the Inflation Reduction Act to push automakers to rely less on dominant Chinese suppliers.

Persons: jeff kowalsky, Biden, won’t, ” Organizations: Ford Motor, Agence France, U.S, ” Lawmakers

A day after meeting with Chinese leader Xi Jinping, President Biden said during a speech at the APEC CEO Summit that the U.S. is “de-risking and diversifying” its economic relationship with China, but “not decoupling.” Photo: Kevin Lamarque/ReutersSAN FRANCISCO—During a much-anticipated summit this week with Chinese President Xi Jinping aimed at resetting relations between the two powers, President Biden took a briefing from Jake Sullivan, his national security adviser, on a completely different topic: the swelling conflict in the Middle East. Israel’s fight against Hamas, a war in Ukraine that is slipping toward a stalemate and a tenuous detente with China are all competing for the president’s time with less than a year until the 2024 election. As Biden campaigns for a second term, the overlapping crises are complicating his bid to persuade U.S. voters he is focused on the domestic issues they care about most.

Persons: Xi Jinping, Biden, Kevin Lamarque, Jake Sullivan, Israel’s Organizations: APEC, Summit, Reuters, FRANCISCO, Hamas, U.S Locations: China, Ukraine

☆ Wall Street Loves Washington’s New Debt Approach—for Now
▼ + stars: | 2023-11-16 | by ( Andrew Duehren | Sam Goldfarb | ) www.wsj.com time to read: 1 min

Janet Yellen says predictability is the foundation of the Treasury Department’s borrowing strategy. Photo: Drew Angerer/Getty ImagesSwelling deficits and weak investor appetite for long-term U.S. debt are pushing the Treasury Department to get more creative with how it borrows. The Treasury has long embraced the mantra of “regular and predictable” debt sales to avoid creating market volatility as it finances the U.S. deficit. Recently, though, high interest rates have driven investors to eschew longer-term Treasurys. The government has had to adapt, cutting back this month on expected increases in long-term bonds and favoring more short-term debt.

Persons: Janet Yellen, Drew Angerer Organizations: Treasury, Treasury Department

The world spent the past decade-plus taking advantage of rock-bottom interest rates to binge on debt. An unprecedented bill is coming due. Governments are expected to spend a net $2 trillion paying interest on their debt this year as higher interest rates make borrowing more expensive, up more than 10% from 2022, according to an analysis of International Monetary Fund data by research consulting firm Teal Insights and a separate analysis by Fitch Ratings. By 2027, it could top $3 trillion, according to Teal Insights.

Persons: Teal Organizations: International Monetary, Fitch

☆ ICBC Hackers Used Methods Previously Flagged by U.S. Authorities
▼ + stars: | 2023-11-14 | by ( Justin Baer | Andrew Duehren | ) www.wsj.com time to read: 1 min

The report suggests that the Industrial and Commercial Bank of China, the world’s largest bank, could have anticipated the cyberattacks. Photo: FLORENCE LO/REUTERSThe hackers who infiltrated the New York arm of the Industrial and Commercial Bank of China and disrupted trading in the U.S. Treasury market appeared to exploit three vulnerabilities that had been flagged by U.S. officials earlier this year. In an email sent to financial-services executives and trade groups Monday that was viewed by The Wall Street Journal, Treasury officials said that the ICBC attack stemmed from Lockbit 3.0 ransomware and two tactics that target users of services managed by Citrix, a cloud-computing company.

Organizations: Commercial Bank of China, REUTERS, Industrial, Commercial Bank of, U.S . Treasury, Wall Street Journal, Treasury, Citrix Locations: FLORENCE, New York, Commercial Bank of China, U.S

☆ U.S. and China to Meet as Shifting Economic Fortunes Alter Relationship
▼ + stars: | 2023-11-09 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

Treasury Secretary Janet Yellen concluded a visit to China this year by saying that both sides were making progress on managing economic and national-security tensions. She added that a decoupling of the world’s two largest economies is ‘impossible.’ Photo: Mark R. Cristino/Zuma PressAs Treasury Secretary Janet Yellen meets Chinese Vice Premier He Lifeng this week, the two sides find themselves in an economic role reversal. The U.S. economy, buoyed by consumer spending and generous government subsidies for certain industries, bounded forward this year, notching 4.9% growth in the third quarter and defying forecasts of a recession. China, meanwhile, is mired in a property slump that has weighed down its entire economy, raising questions among economists about whether Beijing’s growth engine is permanently downshifting.

Persons: Janet Yellen, Cristino Organizations: Zuma Locations: China, U.S

☆ Top Biden Officials Press Congress for More Economic Aid to Ukraine
▼ + stars: | 2023-11-07 | by ( Andrew Duehren | ) www.wsj.com time to read: +1 min

From left, Secretary of State Antony Blinken, Treasury Secretary Janet Yellen, Defense Secretary Lloyd Austin and Agency for International Development Administrator Samantha Power wrote a letter asking for $11.8 billion in aid to Ukraine. Photo: Jonathan Ernst/Press Pool; Ronda Churchill/Bloomberg News; Nathan Howard/AP; Alex Wong/Getty ImagesWASHINGTON—Biden administration officials are pressing Congress to approve more economic aid to Ukraine, trying to overcome growing Republican opposition to financial support that has stabilized the Ukrainian economy after Russia’s invasion. In a letter sent to Capitol Hill, four top Biden administration officials urged lawmakers to provide $11.8 billion in direct budget support to Kyiv to help pay its day-to-day bills. While Republicans are divided over whether to supply Ukraine with more materiel, there is broad skepticism within the GOP over offering more economic aid.

Persons: Antony Blinken, Janet Yellen, Lloyd Austin, Samantha Power, Jonathan Ernst, Nathan Howard, Alex Wong, WASHINGTON — Biden Organizations: Agency for International, Ronda Churchill, Bloomberg, Getty, WASHINGTON, Capitol, Biden, Republicans Locations: Ukraine, Ronda, Kyiv

The size of the shipping fleet at Russia’s disposal has ensured that most of its oil and gas exports aren’t subject to the price cap, analysts say. Photo: Associated PressA Western price cap on Russian oil meant to curb Moscow’s war spending is increasingly losing its punch. The latest evidence: Oil and gas tax revenue to the Russian budget in October more than doubled from September and rose by more than a quarter from the same month last year, according to data released Friday. That represents a stark turnaround from the beginning of the year when energy revenues tumbled.

☆ Add Global Conflict to the Forces Keeping Interest Rates High
▼ + stars: | 2023-11-05 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

With the U.S. projected to borrow $2 trillion yearly for the next decade, the Treasury Department will need to sell a lot more bonds to make up for the deficit. WSJ’s Dion Rabouin explains what it means for the stock market. Photo illustration: Noah FriedmanIn times of war and conflict, investors have long piled into Treasury bonds and other safe-haven assets, bringing interest rates down. But in today’s disintegrating geopolitical environment, where hot spots around the world threaten to upend the supply of key commodities, it’s becoming harder for investors to book their flights to safety. That helps explain why bond yields have risen recently—and may stay high.

Persons: WSJ’s Dion Rabouin, Noah Friedman Organizations: U.S, Treasury Department

☆ U.S. Targets Russian Businesswoman, Saying She Helped Oligarchs Evade Sanctions
▼ + stars: | 2023-11-03 | by ( Angus Berwick | Andrew Duehren | ) www.wsj.com time to read: 1 min

Moscow’s international business center, where Garantex is based. Photo: Agence France-Presse/Getty ImageThe U.S. Treasury Department sanctioned a Russian businesswoman Friday who it said helped Russian oligarchs and cybercriminals use cryptocurrencies to evade U.S. sanctions. Ekaterina Zhdanova, 37, used digital currencies to facilitate large cross-border transactions, taking advantage of platforms with weak compliance controls such as a Russian crypto exchange called Garantex that the U.S. sanctioned last year, Treasury said in a statement.

Persons: Ekaterina Zhdanova Organizations: Agence France, . Treasury Department, Treasury Locations: Russian

☆ How the Highest Bond Yields in 16 Years Could Chill the Hot U.S. Economy
▼ + stars: | 2023-10-24 | by ( Amara Omeokwe | Andrew Duehren | ) www.wsj.com time to read: 1 min

Inflation has picked up in recent months, with prices rising on everything from gas to food and insurance. WSJ’s Dion Rabouin explains how the latest U.S. retail sales report will provide the Federal Reserve the most important data point yet on the state of U.S. consumers. Photo: Jamie Kelter Davis/Bloomberg NewsAdd surging interest rates to the list of threats staring down the U.S. economy. The yield on the U.S. 10-year Treasury note touched 5% on Monday for the first time in 16 years, after climbing rapidly in recent weeks. That is among many borrowing costs—including for other long-term government debt, mortgages, credit cards, auto purchases and business loans—that could slow the surprisingly resilient economy.

Persons: WSJ’s Dion Rabouin, Jamie Kelter Davis Organizations: Federal Reserve, Bloomberg Locations: U.S

☆ How Do You Send a Panda to China? D.C. Can Hardly Bear the Thought
▼ + stars: | 2023-10-19 | by ( Story Andrew Duehren | Photographs Angela Owens | ) www.wsj.com time to read: 1 min

As the U.S. and China relationship has grown more tense, panda politics have also become more black-and-white. Three cubs previously born at the National Zoo have already been sent to China, while pandas at other U.S. zoos have also recently left.

Organizations: National Zoo Locations: U.S, China

☆ A Soft Landing in the U.S. Could Be Hard for Everyone Else
▼ + stars: | 2023-10-14 | by ( Chelsey Dulaney | Andrew Duehren | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/economy/global/a-soft-landing-in-the-u-s-could-be-hard-for-everyone-else-1db44fca

Persons: Dow Jones

☆ The Federal Deficit Is Even Bigger Than It Looks
▼ + stars: | 2023-10-12 | by ( Andrew Duehren | Alana Pipe | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/economy/the-federal-deficit-is-even-bigger-than-it-looks-6bc8a070

Persons: Dow Jones

☆ U.S. to Hold Off on Disbursing $6 Billion in Iran Oil Revenue Unfrozen in Prisoner Deal
▼ + stars: | 2023-10-12 | by ( Ian Talley | Andrew Duehren | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/middle-east/u-s-to-hold-off-on-disbursing-6-billion-in-iran-oil-revenue-unfrozen-in-prisoner-deal-4007cc51

Persons: Dow Jones Locations: iran

☆ U.S. Prepares Crackdown on Russian Oil Sanctions Evasion
▼ + stars: | 2023-10-09 | by ( Andrew Duehren | Joe Wallace | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ When Will the Government Shut Down and What Does It Mean for Me?
▼ + stars: | 2023-09-29 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ How Painful Could a Shutdown Be? That’s Up to Biden
▼ + stars: | 2023-09-28 | by ( Andrew Restuccia | Andrew Duehren | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, fdea5df1 Organizations: biden

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/u-s-china-talks-gather-momentum-paving-way-for-xi-biden-summit-8db7d00a

Persons: Dow Jones

☆ This Ford vs. GM Feud Could Shape the Future of EVs in America
▼ + stars: | 2023-09-27 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Andrew Duehren — Reporter at The Wall Street Journal
▼ + stars: | 2023-09-26 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

Andrew DuehrenAndrew Duehren covers the Treasury Department and economic policy from The Wall Street Journal's Washington bureau. He previously covered Congress for the Journal.

Persons: Andrew Duehren Andrew Duehren Organizations: Treasury Department Locations: Washington

☆ Ford Pauses Construction on Politically Divisive Battery Plant
▼ + stars: | 2023-09-26 | by ( Nora Eckert | Andrew Duehren | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ What Happens During a Government Shutdown?
▼ + stars: | 2023-09-25 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

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