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The Latest Breaking News from Janet Yellen

News analysis: Biden, who ran on competency and experience, is struggling to manage multiple crises

WASHINGTON — President Joe Biden's virtual meeting Wednesday with industry executives in the South Court Auditorium, a soundstage in the hulking office building adjacent to the White House, was held to highlight the administration's response to the ongoing infant formula shortage.

Los Angeles Times

Karl W. Smith: Biden’s economic hubris gives way to humility

Treasury Secretary Janet Yellen has finally admitted how badly she underestimated the inflationary threat last year. Although President Joe Biden himself continues to insist the economy is better than it looks, even he acknowledges that Americans won’t view the economy more favorably until rising prices are tamed.

Tribune News Service

Treasury Secretary Janet Yellen says she was wrong about the risks of inflation

Treasury Secretary Janet Yellen tells CNN she was wrong about the trajectory of inflation during interviews a year ago.

WEKU

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Treasury Secretary Janet Yellen: "I was wrong about the path inflation would take"

"There have been unanticipated and large shocks to the economy that have boosted energy and food prices," she told CNN.

Axios

Yellen says ‘I was wrong’ last year on the path of U.S. inflation

Treasury Secretary Janet Yellen gave her most direct admission yet that she made an incorrect call last year in predicting that elevated inflation wouldn’t pose a continuing problem.

Tribune News Service

Russia offers foreign debt payment system similar to gas one

Russia says it will use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts

The Independent UK

Window closing for US to implement global corporate tax deal

With midterm elections fast approaching, Democrats’ window to follow through on the Biden administration’s plan for rooting out tax havens and raising taxes on global companies’ foreign profits may be closing.

Tribune News Service

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Window closing for US to implement global corporate tax deal - Roll Call

Democrats’ window for rooting out tax havens and raising taxes on global companies’ foreign profits may be closing.

Roll Call

Worry about stagflation, a flashback to '70s, begins to grow

Stagflation

The Independent UK

Here's how much it could cost to rebuild Ukraine — and who would pay for it

History has many lessons to offer on how much it will cost to rebuild Ukraine, and how it can be done to help set the country up for a more prosperous and safe future.

WEKU

Women who are denied abortions risk falling deeper into poverty. So do their kids

A large body of research shows being denied an abortion limits women's education, time in the workforce and wages. It also finds long-term negative impacts for their children.

WEKU

US’s China-tariff review likely to take months, aide says

The U.S.’s review of tariffs on more than $300 billion in Chinese imports that’s required as the duties reach their four-year anniversary will likely take months, a top trade official said.

Tribune News Service

US to end Russia's ability to pay international investors

The U.S. will close the last avenue for Russia to pay back its billions in debt to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable

The Independent UK

Larry Summers' new inflation target: Biden's "hipster" antitrust policies

Larry Summers is criticizing BIden's antitrust police on inflation, including the FTC and DoJ.

Axios

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Tribune News Service

US Treasury set to push Russia closer to default

The U.S. Treasury Department is expected to tighten sanctions this week on Russia, threatening about $1 billion owed to bondholders for the rest of this year and putting the country once again on the edge of default.

Bangkok Post

Higher Interest Rates Raise Risk of Future Fed Losses

The Federal Reserve's plans to raise interest rates aggressively to combat high inflation could have an overlooked and uncomfortable side effect for the central bank: capital losses.

The Independent UK

AP News Digest 3 a.m.

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at https://newsroom.ap.org.

The Independent UK

Yellen's global tax plan meets resistance abroad and at home

Last July, Treasury Secretary Janet Yellen celebrated it as a “historic day” when more than 100 nations agreed to a global minimum tax deal meant to reform and equalize the world’s economy

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Asharq Al-Awsat

G7 Countries to Provide $19.8 Billion in Aid to Ukraine

The Group of Seven leading economies agreed Friday to provide $19.8 billion in economic aid to Ukraine to help keep tight finances from hindering its ability to defend itself from Russia’s invasion. German Finance Minister Christian Lindner told reporters that $9.5 billion of the total amount was mobilized at meetings…

Reuters

G7 offers $9.5 billion new aid for Ukraine, ready with more

The Group of Seven's financial leaders agreed on $9.5 billion in new aid to Ukraine on Friday and promised enough money to keep the country's devastated economy afloat as long as it fights against Russia's invasion.

The Independent UK

Report: G7 countries set to approve $18 billion for Ukraine

Germany’s finance minister says the Group of Seven leading economies are set to agree on more than $18 billion in aid for Ukrainian defense efforts

Benzinga

Could Terra's Stablecoin Struggles Affect The Circle SPAC Deal And Valuation?

Stablecoins have dominated the headlines in the world of cryptocurrency this week with the crash of several coins. The downward moves and negative connotations building for stablecoins could spell trouble for a SPAC deal that involves a leading stablecoin company.

Axios

What stagflation means and what Biden could do about it

High inflation tends to break out when economic growth is really roaring.

The Independent UK

Russia-Ukraine war impact draws focus of G7 finance leaders

Finance ministers for the Group of Seven leading economies on Thursday will deal with the immediate effects of Russia’s war in Ukraine and the COVID-19 pandemic, overtaking their more ambitious plans to reform the global economy

Asharq Al-Awsat

G7 Finance Ministers to Thrash Out Ukraine Aid Plan

G7 partners meet Thursday hoping to find a solution for Kyiv's budget troubles as the fallout from Russia's invasion of Ukraine continues to roil the global economy. Finance ministers from the Group of Seven industrialized nations are holding talks in Koenigswinter in western Germany to coordinate their response. "The bilateral…

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