The Latest Breaking News from Janet Yellen

Stock futures slip as Fed begins two-day policy meeting; Biden orders debt ceiling summit as new default risk emerges; Ford earnings on deck as carmakers fight narrowing margins; new Starbucks CEO Narasimhan to lead first quarterly earnings update and IBM plans hiring pause, will use AI to replace 7,800 jobs.

The timeline is more urgent than it looks, and a vast chasm remains between the two parties.

Mr Biden will meet with top House and Senate leaders on 9 May

Treasury Secretary Janet Yellen warned lawmakers that unless the debt ceiling is raised soon, the federal government may not have enough money to pay its bills as early as June 1.

Washington (AFP) - The United States could run out of money to pay its financial obligations -- risking a catastrophic default -- as early as the start of June, Treasury Secretary Janet Yellen said Monday, as policymakers tussle over raising the debt ceiling.

"It is imperative that Congress act as soon as possible to increase or suspend the debt limit," Yellen wrote.

The Treasury Department said Monday it plans to increase its borrowing during the April to June quarter of this year

The once high-flying bank has seen shareholders flee as concern mounts that the FDIC may have to step in.

The United States hopes to redefine its economic relationship with China to prevail in the biggest strategic showdown of the century.