U.S. Urges New Tactic to Curb Putin’s War Machine and Lower Fuel Prices

Group of 7 leaders meeting in Germany were receptive to a Biden administration plan to cap the price of Russian oil in world markets, limiting Kremlin revenue.

#bavaria-germany, #biden-joseph-r-jr, #embargoes-and-sanctions, #group-of-seven, #international-trade-and-world-market, #north-atlantic-treaty-organization, #oil-petroleum-and-gasoline, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #stoltenberg-jens, #ukraine, #yellen-janet-l, #zelensky-volodymyr

Ukraine War’s Latest Victim? The Fight Against Climate Change.

As leaders of the Group of 7 gather in Germany, the scramble to replace Russian fossil fuels is raising concerns that hard-won climate targets will be missed.

#bavaria-germany, #embargoes-and-sanctions, #germany, #global-warming, #group-of-seven, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #scholz-olaf-1958, #ukraine, #yellen-janet-l

Tether: The Coin That Could Wreck Crypto

As cryptocurrencies have plunged, attention has focused on a potential point of vulnerability: the market’s reliance on a so-called stablecoin called Tether.

#banking-and-financial-institutions, #bitcoin-currency, #commercial-paper-finance, #computers-and-the-internet, #currency, #james-letitia, #regulation-and-deregulation-of-industry, #tether, #virtual-currency, #yellen-janet-l

Russia’s Oil Revenue Soars Despite Sanctions, Study Finds

Rising oil prices more than offset a decline in export volumes during the first 100 days of the assault on Ukraine.

#defense-and-military-forces, #embargoes-and-sanctions, #europe, #european-union, #gazprom, #global-warming, #greenhouse-gas-emissions, #international-energy-agency, #international-trade-and-world-market, #kyiv-ukraine, #natural-gas, #oil-petroleum-and-gasoline, #prices-fares-fees-and-rates, #russian-invasion-of-ukraine-2022, #treasury-department, #war-and-armed-conflicts, #yellen-janet-l

Persistent Inflation Puts Yellen in the Spotlight

The Treasury secretary’s recent comments about rising prices have put the Biden administration on the defensive.

#american-rescue-plan-2021, #economic-conditions-and-trends, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #supply-chain, #united-states, #united-states-economy, #yellen-janet-l

Seizing Russian Assets to Help Ukraine Sets Off White House Debate

Some European officials want to use more than $300 billion in Russian central bank assets to rebuild Ukraine. But Biden administration officials warn that diverting those funds could be illegal.

#assets-frozen, #banking-and-financial-institutions, #biden-joseph-r-jr, #central-bank-of-russia, #economic-conditions-and-trends, #embargoes-and-sanctions, #group-of-seven, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-international-relations, #yellen-janet-l, #zelensky-volodymyr

Yellen Calls on Europe to Boost Ukraine Aid

The Treasury secretary warned that Ukraine did not have enough funding to sustain its government and fend off Russia.

#brussels-belgium, #economic-conditions-and-trends, #embargoes-and-sanctions, #european-union, #group-of-seven, #international-trade-and-world-market, #politics-and-government, #protectionism-trade, #russian-invasion-of-ukraine-2022, #speeches-and-statements, #treasury-department, #united-states-economy, #united-states-politics-and-government, #war-and-armed-conflicts, #yellen-janet-l

Treasury Secretary Yellen Looks to Get Global Tax Deal Back on Track

The Treasury secretary is traveling to Warsaw, Brussels and Bonn, Germany, this week at an uncertain time for the global economy.

#biden-joseph-r-jr, #bonn-germany, #brady-kevin-1955, #brussels-belgium, #corporate-taxes, #economic-conditions-and-trends, #europe, #european-union, #group-of-seven, #house-committee-on-ways-and-means, #macron-emmanuel-1977, #morawiecki-mateusz, #poland, #politics-and-government, #tax-shelters, #treasury-department, #united-states-economy, #united-states-international-relations, #yellen-janet-l

Russian Shipping Traffic Remains Strong as Sanctions Take Time to Bite

The traffic was robust in March and April, reflecting the time it takes for sanctions to come into effect and an enduring profit motive for trading Russian energy.

#embargoes-and-sanctions, #europe, #european-union, #government-contracts-and-procurement, #group-of-seven, #oil-petroleum-and-gasoline, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #united-states, #war-and-armed-conflicts, #yellen-janet-l

Fed Raises Interest Rate Half a Percentage Point, Largest Increase Since 2000

The Federal Reserve is combating the fastest price increases in four decades and is trying to cool the economy before high inflation becomes embedded.

#federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #powell-jerome-h, #treasury-department, #united-states-economy, #yellen-janet-l

The Era of Cheap and Plenty May Be Ending

Supplies of goods are coming up short in the pandemic, and prices have jumped. Some economists warn that the changes could linger.

#economic-conditions-and-trends, #factories-and-manufacturing, #goodhart-charles, #inflation-economics, #international-trade-and-world-market, #labor-and-jobs, #okonjo-iweala-ngozi, #powell-jerome-h, #prices-fares-fees-and-rates, #relocation-of-business, #supply-chain, #united-states-economy, #yellen-janet-l

What Makes a Good Job Good?

An initiative to define what makes jobs bad or good is long overdue.

#bureau-of-labor-statistics, #internal-sub-only-nl, #labor-and-jobs, #labor-department-us, #united-states-politics-and-government, #wages-and-salaries, #yellen-janet-l

Janet Yellen Calls on China to Push Russia to End Ukraine War

The Treasury secretary told the Atlantic Council on Wednesday that the U.S. would press ahead with sanctions.

#atlantic-council, #banking-and-financial-institutions, #economic-conditions-and-trends, #embargoes-and-sanctions, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states, #united-states-international-relations, #yellen-janet-l

Yellen Says Aim Is ‘Maximum Pain’ for Russia Without Hurting US

The Treasury secretary, testifying before a House committee, said the U.S. would continue finding ways to punish Russia for its invasion of Ukraine.

#economic-conditions-and-trends, #embargoes-and-sanctions, #europe, #group-of-twenty, #house-of-representatives, #international-monetary-fund, #politics-and-government, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states, #united-states-economy, #war-and-armed-conflicts, #world-bank, #yellen-janet-l

Yellen to Warn of Economic Repercussions From Ukraine Invasion

The Treasury secretary plans to highlight risks of rising food and energy prices at a congressional hearing on Wednesday.

#economic-conditions-and-trends, #embargoes-and-sanctions, #house-of-representatives, #international-trade-and-world-market, #russia, #russian-invasion-of-ukraine-2022, #ukraine, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government, #yellen-janet-l

Yellen to Warn of ‘Enormous Economic Repercussions’ From Ukraine Invasion

The Treasury secretary plans to highlight risks of rising food and energy prices at a congressional hearing on Wednesday.

#economic-conditions-and-trends, #embargoes-and-sanctions, #house-of-representatives, #international-trade-and-world-market, #russia, #russian-invasion-of-ukraine-2022, #ukraine, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government, #yellen-janet-l

Putin Faces Sanctions, but His Assets Remain an Enigma

On paper, the Russian president appears to own very little. Yet estimates put his hidden wealth well over $100 billion.

#assets-frozen, #browder-william-f, #embargoes-and-sanctions, #european-union, #lavrov-sergey-v, #medvedev-dmitri-a, #navalny-aleksei-a, #panama-papers, #politics-and-government, #putin-vladimir-v, #roldugin-sergei-p, #rotenberg-arkady-r-1951, #rotenberg-boris-1986, #russia, #russian-invasion-of-ukraine-2022, #shamalov-kirill-n, #timchenko-gennady-n, #treasury-department, #united-states, #war-and-armed-conflicts, #yellen-janet-l

Where Liberalism Could Dream Bigger

Democrats need to realize that America’s future does not lie in Europe’s past.

#alternative-and-renewable-energy, #corporate-taxes, #democratic-party, #economics-theory-and-philosophy, #federal-reserve-system, #regulation-and-deregulation-of-industry, #treasury-department, #united-states-economy, #world-economic-forum, #yellen-janet-l

Why Janet Yellen’s Signature Is Not on U.S. Currency

Until a new treasurer is selected, currency will continue to bear the autograph of former Treasury Secretary Steven Mnuchin.

#biden-joseph-r-jr, #mnuchin-steven-t, #treasury-department, #united-states-politics-and-government, #us-dollar-currency, #yellen-janet-l

Debt Ceiling Window is Narrowing, Bipartisan Policy Center Warns

The U.S. could default as soon as Dec. 21 if Democrats and Republicans fail to extend the Treasury Department’s borrowing authority.

#bipartisan-policy-center, #congressional-budget-office, #house-of-representatives, #national-debt-us, #senate, #united-states-politics-and-government, #yellen-janet-l

Biden Finds Raising Corporate Tax Rates Easier Abroad Than at Home

As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more.

#biden-joseph-r-jr, #corporate-taxes, #corporations, #donohoe-paschal-1974, #europe, #federal-budget-us, #federal-taxes-us, #foreign-investments, #group-of-twenty, #house-of-representatives, #income, #income-tax, #internal-revenue-service, #national-assn-of-manufacturers, #organization-for-economic-cooperation-and-development, #patriotic-millionaires, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries, #yellen-janet-l

Pastries and Persuasion: How a Global Tax Deal Got Done

Over Zoom calls from basements and a breakfast in Brussels, faltering negotiations to remake the world’s tax architecture were revived.

#corporate-taxes, #donohoe-paschal, #federal-taxes-us, #grinberg-itai, #kysar-rebecca, #tax-shelters, #united-states-economy, #united-states-international-relations, #yellen-janet-l

U.S. Warns Climate Poses ‘Emerging Threat’ to Financial System

A Financial Stability Oversight Council report could lead to more regulatory action and disclosure requirements for banks.

#banking-and-financial-institutions, #financial-stability-oversight-council, #global-warming, #insurance, #regulation-and-deregulation-of-industry, #united-states-politics-and-government, #yellen-janet-l

Democrats to Scale Back Proposal for Banks to Report Account Balances to IRS

Banks would have to provide data on accounts with annual deposits or withdrawals exceeding $10,000, not including payroll and beneficiary deposits, rather than $600.

#banking-and-financial-institutions, #democratic-party, #federal-taxes-us, #greene-marjorie-taylor-1974, #internal-revenue-service, #republican-party, #senate, #senate-committee-on-finance, #treasury-department, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron, #yellen-janet-l

The Debt Ceiling Crisis Doesn’t Have to Keep Happening

Congress appears to have averted economic disaster for now, but only by punting it to early December.

#biden-joseph-r-jr, #debatable, #mcconnell-mitch, #national-debt-us, #treasury-department, #yellen-janet-l

What a Trillion-Dollar Coin Can Teach Us

It may be a gimmick, but it raises profound issues about the nature of money.

#currency, #economics-theory-and-philosophy, #internal-sub-only, #national-debt-us, #treasury-department, #yellen-janet-l

Janet Yellen and Jerome Powell warn that the Delta variant is slowing the recovery.

The Treasury secretary and the Federal Reserve chair prepared remarks ahead of their testimony today to the Senate Banking Committee.

#banking-and-financial-institutions, #federal-reserve-system, #national-debt-us, #powell-jerome-h, #senate-committee-on-banking, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

How a Princeton Economist Teaches Resilience

Through the pandemic, Markus Brunnermeier conducted remarkable video seminars with leading thinkers in his field.

#brunnermeier-markus-k, #colleges-and-universities, #economics-theory-and-philosophy, #internal-sub-only, #treasury-department, #united-states-economy, #yellen-janet-l

Treasury’s Janet Yellen Is Being Tested by Debt Limit Fight

The Treasury secretary must wade into a standoff between Democrats and Republicans over raising the debt limit.

#bipartisan-policy-center, #budgets-and-budgeting, #national-debt-us, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Fed Officials’ Trading Draws Outcry, and Fuels Calls for Accountability

Central bank regional presidents traded securities in markets in which Fed choices mattered in 2020. Here’s why critics find that troubling.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #ethics-and-official-misconduct, #federal-reserve-bank-of-boston, #federal-reserve-bank-of-new-york, #federal-reserve-system, #powell-jerome-h, #quarles-randal-k, #rosengren-eric-s, #stocks-and-bonds, #williams-john-c, #yellen-janet-l

Crypto’s Rapid Move Into Banking Elicits Alarm in Washington

The boom in companies offering cryptocurrency loans and high-yield deposit accounts is disrupting the banking industry and leaving regulators scrambling to catch up.

#andreessen-horowitz, #banking-and-financial-institutions, #blockfi-inc, #coinbase-inc, #federal-reserve-system, #gensler-gary-s, #powell-jerome-h, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #treasury-department, #virtual-currency, #warren-elizabeth, #yellen-janet-l

I.M.F. Will Block Afghanistan From Getting Reserve Funds

The International Monetary Fund, which was set to release the funds next week, cited the “lack of clarity” over recognition of the Taliban as the country’s legitimate government.

#afghanistan-war-2001, #federal-reserve-bank-of-new-york, #international-monetary-fund, #international-trade-and-world-market, #politics-and-government, #taliban, #treasury-department, #united-states-international-relations, #yellen-janet-l

Janet Yellen Gets a Chance to Shape the Fed, This Time From Outside

As Jerome H. Powell nears the end of his term as Federal Reserve chair, Ms. Yellen will have a say over whether he should stay on. Many progressive Democrats want him replaced.

#appointments-and-executive-changes, #banking-and-financial-institutions, #brainard-lael, #federal-reserve-system, #powell-jerome-h, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Global Tax Overhaul Gains Steam as G20 Backs New Levies

The approach marks a reversal of years of economic policies that embraced low taxes as a way for countries to attract investment and fuel growth.

#corporate-taxes, #corporations, #europe, #european-union, #federal-taxes-us, #foreign-investments, #group-of-twenty, #organization-for-economic-cooperation-and-development, #tax-shelters, #taxation, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government, #yellen-janet-l

I.M.F. Board Backs $650 Billion Aid Plan to Help Poor Countries

The expansion of emergency reserves to fund vaccines and pay down debt has emerged as a political flash point in the United States.

#coronavirus-2019-ncov, #georgieva-kristalina-ivanova, #group-of-twenty, #international-monetary-fund, #third-world-and-developing-countries, #united-states-economy, #vaccination-and-immunization, #yellen-janet-l

Finance Ministers Meet in Venice to Finalize Global Tax Agreement

The G20 gathering begins a crucial stretch in yearslong negotiations.

#amazon-com-inc, #biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #group-of-twenty, #international-trade-and-world-market, #organization-for-economic-cooperation-and-development, #tax-shelters, #united-states-economy, #venice-italy, #yellen-janet-l

Biden’s Push for Equity in Government Hits Legal and Political Roadblocks

No part of President Biden’s agenda has been as ambitious as his attempt to place concerns about equity squarely at the center of the federal government’s decision-making

#adeyemo-adewale, #agriculture-and-farming, #american-rescue-plan-2021, #biden-joseph-r-jr, #discrimination, #miller-stephen-1985, #race-and-ethnicity, #sperling-gene, #suits-and-litigation-civil, #trump-donald-j, #united-states-economy, #yellen-janet-l

Yellen’s New Alliance Against Leprechauns

Is the world finally ready to take on tax havens?

#apple-inc, #corporate-taxes, #corporations, #european-commission, #ireland, #tax-shelters, #taxation, #yellen-janet-l

Yellen Won a Global Tax Deal. Now She Must Sell It to Congress.

The Treasury secretary worked with finance ministers from the G7 to win support for a global minimum tax. But selling the idea to Republican lawmakers will not be easy.

#american-jobs-plan-2021, #american-rescue-plan-2021, #corporate-taxes, #federal-taxes-us, #labor-and-jobs, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Global Tax Deal Reached Among G7 Nations

The Group of 7 nations reached an agreement over a global minimum tax that companies would pay regardless of where they are based.

#coronavirus-2019-ncov, #corporate-taxes, #federal-taxes-us, #group-of-seven, #tax-evasion, #united-states-economy, #yellen-janet-l

Global Finance Leaders Start Talks for Tax Overhaul

The overhaul under discussion includes a minimum tax that companies would pay regardless of where their headquarters were.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #politics-and-government, #tax-shelters, #yellen-janet-l

Yellen Aims to Win Support for Global Tax Deal

The Biden administration is trying to persuade other nations to approve a global minimum tax as it works to curb profit shifting and raise corporate taxes in the United States.

#corporate-taxes, #europe, #great-britain, #taxation, #united-states-economy, #yellen-janet-l

Biden’s Budget Sees Low Inflation, Rising Debt and Slow Economic Growth

The proposal sheds new light on President Biden’s economic agenda and underscores the administration’s belief that the country’s fiscal situation is manageable.

#american-rescue-plan-2021, #biden-joseph-r-jr, #federal-budget-us, #gross-domestic-product, #inflation-economics, #taxation, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Biden Tells Officials to Prepare for Climate Change’s Impact on Economy

A warming planet holds potential risks for home prices, investments, banking and other aspects of the global economy, the government said.

#banking-and-financial-institutions, #biden-joseph-r-jr, #federal-reserve-system, #global-warming, #greenhouse-gas-emissions, #insurance, #mortgages, #real-estate-and-housing-residential, #stocks-and-bonds, #treasury-department, #united-states-economy, #yellen-janet-l

U.S. Backs Global Minimum Tax of at Least 15% to Curb Profit Shifting Overseas

The Biden administration wants other countries to back a minimum tax as part of its plan to raise the U.S. corporate tax rate to 28 percent from 21 percent.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #organization-for-economic-cooperation-and-development, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

Janet Yellen Was Right About Inflation

If you don’t think Janet Yellen was right, ask yourself why. 

#american-rescue-plan-2021, #biden-joseph-r-jr, #federal-reserve-bank-of-new-york, #inflation-economics, #stimulus-economic, #yellen-janet-l

Biden and Republicans Spar Over Unemployment as Job Gains Disappoint

The president said he saw no measurable evidence that a $300 federal boost in unemployment benefits was hurting the labor market, amid criticism from conservatives and business groups

#american-rescue-plan-2021, #bernstein-jared, #biden-joseph-r-jr, #coronavirus-2019-ncov, #republican-party, #treasury-department, #unemployment, #united-states-chamber-of-commerce, #united-states-economy, #united-states-politics-and-government, #white-house-council-of-economic-advisers, #yellen-janet-l

Goldman Sachs Wants Its Bankers Back at the Office

Goldman Sachs is the latest to call an end to remote work.

#banking-and-financial-institutions, #dimon-james, #facebook-inc, #goldman-sachs-group-inc, #interest-rates, #social-media, #solomon-david-m, #virtual-currency, #yellen-janet-l

Who’s Afraid of the Big Bad Boom?

Rising prices here and there aren’t a sign of runaway inflation.

#american-rescue-plan-2021, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #unemployment, #united-states-economy, #wages-and-salaries, #yellen-janet-l

Yellen Says Rates Might Need to Rise as Economy Recovers

Ms. Yellen, the Treasury secretary, said that some “modest” increases might be necessary. She later clarified to say that she was not making a recommendation or providing advice to the Federal Reserve, which sets monetary policy.

#american-jobs-plan-2021, #inflation-economics, #interest-rates, #treasury-department, #united-states-economy, #yellen-janet-l