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☆ Treasury's Yellen says Russia's war has weakened its economy 'for years to come'
▼ + stars: | 2022-10-13 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

International Monetary Fund (IMF) Managing Director Kristalina Georgieva (L) and US Treasury Secretary Janet Yellen meet at the Treasury Department in Washington, DC, on July 1, 2021. Treasury Secretary Janet Yellen says Russia's war against Ukraine has weakened its economy and slowed the nation's growth prospects for the foreseeable future. The Treasury secretary hosted a meeting with Valdis Dombrovskis, European Commission executive vice president and trade commissioner, and Paolo Gentiloni, the European commissioner for the economy. The EIU also said a European boycott of Russian oil will further deplete the economy. Sanctions have also effectively rendered Russia dependent on "suppliers of last resort like Iran and North Korea for basic military gear," according to Yellen.

☆ Global inflation remains too high, says Deputy Treasury Secretary Wally Adeyemo
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal inflation remains too high, says Deputy Treasury Secretary Wally AdeyemoDeputy Treasury Secretary Wally Adeyemo joins CNBC's 'Squawk Box' to react to September's hotter-than-expected producer price index report and what it means for the U.S. economy.

☆ U.S. needs to do more to tackle inflation, deputy Treasury chief says
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 12 (Reuters) - The United States still needs to do more to bring down inflation, which is still too high globally, Deputy U.S. Treasury Secretary Wally Adeyemo said on Wednesday, adding that the country is moving toward a more healthy labor market going forward. "Inflation around the globe is too high. And what we're doing in the United States is the Federal Reserve is doing its part in terms of using its tools to bring down inflation," Adeyemo said. "And what the president is focused on is doing what we can to expand supply in the US economy." "We can do both things, in terms of bringing down costs in the economy while putting employees into the right classification.

REUTERS/Alexander ManzyukNEW YORK, Oct 12 (Reuters) - The United States is already starting to see success with discussions of a Russian oil price cap, as Washington has heard countries are negotiating deals with Russia to buy oil far below the benchmark Brent crude price, a top U.S. Treasury official said Wednesday. A price cap on Russian seaborne oil deliveries is being developed by the United States and other G7 countries to cut Russia's oil revenues, while encouraging Moscow to continue to produce oil. Governments and companies restricted purchases of Russian oil after Moscow invaded Ukraine in on Feb. 24. The price cap on Russian oil was agreed in principle last month by the Group of Seven rich countries. The United States will look at historical data for what Russia has earned in the past for their oil to set the price cap, Adeyemo said.

☆ Yellen says Russian oil price cap in $60 range would allow Moscow some profit
▼ + stars: | 2022-10-12 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 12 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday that a price cap on Russian oil exports in the $60-a-barrel range would likely be sufficient to reduce Moscow's energy revenues while allowing profitable production. Backers of the cap, which would deny Western-supplied shipping insurance, finance other services to Russian oil cargoes above a specified price, aim to implement it on Dec. 5, as the European Union implements a phased ban on Russian crude. "So certainly a price in that range would be sufficient to feel that Russia could profitably produce and sell oil," Yellen said, adding that Russia's cost of production was "low." Russian Urals crude has recently traded at around $75 a barrel, or a $17 discount to benchmark Brent futures. "The objective is to protect the world from the consequences of a global spike in oil prices," Yellen said of the price cap.

☆ U.S., allies aim to continue hammering Russia over its 'egregious' war in Ukraine -officials
▼ + stars: | 2022-10-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

A rescuer works at the site of a residential building heavily damaged by a Russian missile strike, amid their attack on Ukraine, in Zaporizhzhia, Ukraine October 6, 2022. REUTERS/StringerWASHINGTON, Oct 11 (Reuters) - Western governments plan to ratchet up pressure on Russia over its war in Ukraine, underscoring continued support for Ukraine when finance officials from around the world gather in Washington this week, senior U.S. officials said on Tuesday. Yellen does not plan to walk out when Russian officials speak at a gathering of Group of 20 officials on Thursday, as she and other Western officials did during the spring meetings of the IMF and World Bank, the official said. Instead, they will "stay and rebut whatever the Russians say, both before they speak and after they speak," the official said, blasting the "egregious methods" used by Russia in the war. The IMF is slated to downgrade its forecast for 2023 global growth on Tuesday to reflect the impact of the war, continued inflation and debt problems.

☆ U.S. officials plan to push for price cap on Russian oil at this week's IMF meetings
▼ + stars: | 2022-10-10 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen talks to reporters during a news conference in the Cash Room at the Treasury Department on April 21, 2022 in Washington, DC. U.S. Treasury officials plan to press ahead at this week's IMF meetings with a cap on the price of Russian oil, despite Wednesday's decision by OPEC+ to cut oil production that's already driven gas prices higher. "We've been working on the price cap for a number of months. G-7 finance ministers announced the price cap last month. The Deputy Treasury Secretary will also consult with senior officials from over 20 participating countries, including Canada, the U.K. and the E.U., on how to redouble those efforts, according to senior Treasury officials.

☆ Inflation has yet to peak, CFOs say, and recession is already here or soon to hit
▼ + stars: | 2022-09-29 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

The CNBC CFO Council survey is a sample of the current outlook among top financial officers. More than a quarter of the CFOs say inflation is the biggest external risk factor facing their businesses. With persistent inflation, CFOs have shifted their view regarding the timing of a recession as a result of the Fed's rate hikes. Nineteen percent of CFOs now say they expect a recession in the fourth quarter of this year, up from 13% in Q2. The CNBC survey finds companies still in hiring mode, with 57% of CFOs saying they expect to add to headcount in the next year.

☆ Treasury's Wally Adeyemo says Biden administration is doing everything it can to combat inflation and recession
▼ + stars: | 2022-09-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Deputy Treasury Secretary Wally Adeyemo said Wednesday that the Biden administration is doing everything it can to combat inflation avoid a recession. He added that the administration is working to bring down inflation through a series of measures outlined in the Inflation Reduction Act, the CHIPS Act and the bipartisan infrastructure law. "That will give us the ability to make sure that we have sustainable growth as we come out of this high inflation period." "The spending (in the) Inflation Reduction Act is spent over time, and it's spending that's going to help expand the productive capacity of the economy," he said. He said investments that make the economy more productive, will lead to "better growth outcomes over time."

☆ Deputy U.S. Treasury chief says soft landing is possible
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Sept 28 (Reuters) - Deputy U.S. Treasury Secretary Wally Adeyemo said on Wednesday the Biden administration feels confident about the U.S. economy going forward and that it is possible to bring down inflation while maintaining growth. "We come into this moment from a position of strength," he said, adding that consumer and corporate balance sheets are in good shape. Asked whether the U.S. economy was heading to a recession, Adeyemo said there was "a path" to reduce price pressures while maintaining momentum in the U.S. economy and a healthy labor market. Adeyemo, however, said a "soft landing" - that the Fed may tame inflation and avoid a recession - was possible, but that external factors that have led to higher prices such as Russia's war in Ukraine and COVID-19 lockdowns continue to be headwinds for the U.S. economy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Davide Barbuscia, Carolina Mandl, and Doina Chiacu; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Officials said the move would help Iranians access tools that can be used to circumvent state surveillance and censorship, but would not entirely prevent Tehran from using communications tools to stifle dissent, as it did by cutting off internet access for most citizens on Wednesday. Asked how the expanded license would help Iranians if their government again shuts down internet access, a State Department official also briefing reporters said Iran's government would still have "repressive tools for communication." The new license makes it "easier for the Iranian people to confront some of those oppressive tools," the official said. read moreMusk said on Monday his company would provide Starlink to Iranians, and would ask for a sanctions exception to do so. read moreThe Treasury official briefing reporters said Starlink's commercial-grade system, which would involve sending hardware into Iran, would not be covered by the general license.

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