ECONOMY

Yellen warns of debt ceiling “catastrophe” for US and beyond

Yellen warns of debt ceiling “catastrophe” for US and beyond

Secretary Yellen during a meeting with the President of Zambia Hakainde Hichilema in Washington, DC. Photo: Kevin Dietsch/Getty ImagesTreasury Secretary Janet Yellen told Axios she is “nervous” about the US defaulting on its debt and cautioned that Americans likely will face a scary and spiraling recession if Congress doesn’t raise the debt ceiling this summer. …

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Exclusive: Top US Treasury official to warn UAE, Turkey over sanctions evasion

Exclusive: Top US Treasury official to warn UAE, Turkey over sanctions evasion

WASHINGTON, Jan 28 (Reuters) – The US Treasury Department’s top sanctions official on a trip to Turkey and the Middle East next week will warn countries and businesses that they could lose US market access if they do business with entities subject to US curbs as Washington Cracks down on Russian attempts to evade sanctions …

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Services PCE Price Index Spikes, But Goods PCE Price Index Falls as Energy Prices Plunge: Core PCE Re-accelerates

Services PCE Price Index Spikes, But Goods PCE Price Index Falls as Energy Prices Plunge: Core PCE Re-accelerates

Services inflation is tough to stamp out, and it has taken over inflation. Powell will be talking about it. By Wolf Richter for WOLF STREET. The different components of the PCE price index is what the Fed holds up when it details its reasoning behind its crackdown on inflation. They include overall PCE but particularly …

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EU aims to inflict more pain on Russia with second oil price cap – POLITICO

EU aims to inflict more pain on Russia with second oil price cap – POLITICO

The EU and its rich country allies are taking aim again at Russia’s ability to earn money from its vast oil reserves by moving to limit the price of Moscow’s refined oil products. The block is proposing that G7 allies cap the price of Russian diesel at $100 a barrel and set a separate cap …

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Janet Yellen says US-led sanctions forced Russia to scavenge for parts

Janet Yellen says US-led sanctions forced Russia to scavenge for parts

Secretary Janet Yellen taunted Moscow that US-led sanctions have impaired Russia’s “ability to conduct war” and claimed their military is now scavenging to find crucial replacement parts for battlefield equipment. Why it matters: Yellen made her comments in an interview with Axios in Johannesburg, South Africa, after warning government in Pretoria they shouldn’t violate US …

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