Explore Business Standard
Don’t miss the latest developments in business and finance.
US Treasury
US Treasury Secretary Janet L Yellen on Thursday said the global economy is in a better place today than many predicted just a few months ago, and the outlook has improved. She also stressed on the need for working together to ease the debt overhang that is holding back too many countries. "While there are significant headwinds, it's fair to say that the global economy is in a better place today than many predicted just a few months ago. In the fall, many were worried about a sharp economic slowdown across the world. The challenges we face are real, and the future is always uncertain. But the outlook has improved since we gathered in the fall," Yellen said. Speaking to reporters here, she said, in its most recent estimates, the IMF forecasts global growth of 3.2 per cent during 2023 a notable upgrade from its October report. The progress on our global macroeconomy is a result of our collective work, and it underscores the importance of redoubling our efforts going forward, she ..
US Treasury Secretary Janet Yellen sent a letter on Tuesday to congressional leaders saying she's suspending the reinvestment of federal bonds in a government workers' savings plan an additional extraordinary" measure to buy time for President Joe Biden and Congress to raise the nation's debt limit. The government bumped up against its legal borrowing capacity last Thursday, prompting Treasury to take accounting steps regarding federal employees' retirement and health care plans that will enable the government to stay open until roughly June. Yellen said in the letter that as of Monday she also determined that the government will be unable to invest fully in the government securities portion of the thrift savings fund in the federal employees' retirement system. She noted that her predecessors have taken a similar action in the past, noting that by law the accounts will be made whole once the debt limit is increased or suspended. But it's an open question to how the White House an
The US Department of Treasury on Friday removed India along with Italy, Mexico, Thailand and Vietnam from its Currency Monitoring List. China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan are the seven economies that are a part of the current monitoring list, the Department of Treasury said in its biannual report to the Congress. The countries that have been removed from the list have met only one out of three criteria for two consecutive reports, it said. China's failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism makes it an outlier among major economies and warrants Treasury's close monitoring, said the report.