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​​Congress must raise debt limit by Oct. 18, Treasury Secretary Yellen warns in new letter as default looms

Treasury Secretary Janet Yellen on Tuesday told House Speaker Nancy Pelosi that Congress has just under three weeks to address the looming debt ceiling and avoid near-certain economic calamity.

“We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18,” she wrote in a letter. “At that point, we expect Treasury would be left with very limited resources that would be depleted quickly.”

 

U.S. Treasury Secretary Janet Yellen, saying that U.S. inflation at the end of the year would be closer to 4%, double the Fed target.

 

U.S. Treasury's Yellen seeking October agreement on global minimum corporate tax

U.S. Treasury Secretary Janet Yellen said on Tuesday she is looking for G20 countries to reach political agreement on a global minimum corporate tax deal at their summit in October and has not ruled out a rate higher than 15%.

Yellen, speaking to the National Association for Business Economics, said the Senate Finance Committee is looking at a “slightly higher” overseas minimum corporate tax rate than the 16.5% passed by the House of Representatives Ways and Means Committee.

 

Fed's Powell faces heated questions on trading, regulation and diversity

U.S. Federal Reserve Chair Jerome Powell faced an uncharacteristically hostile congressional hearing on Tuesday in which lawmakers demanded more action in response to perceived lapses over everything from ethics and diversity to inflation and financial regulation, and a prominent Democrat said she would not back him for another term.

 

Fed's Powell says economy is a long way from maximum employment

Federal Reserve Chair Jerome Powell said on Tuesday the U.S. economy is still far from achieving maximum employment, a key component of the central bank's requirements for raising interest rates.

"What I said last week was that we had all but met the test for tapering," said Powell, testifying before the U.S. Senate Banking Committee. "I made it clear that we are, in my view, a long way from meeting the test for maximum employment."

Fed officials said they would keep buying $120 billion a month in bonds until there is "substantial further progress" toward the Fed's maximum employment and inflation goals, but they have set a higher bar for raising interest rates.

 

Elizabeth Warren tells Fed chair he is ‘dangerous’ and opposes renomination

The Senator said Jerome Powell’s policies have weakened US banking regulations and could lead to another financial crisis