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Banking & Finance

The latest coverage of the banking and financial sectors.

Yellen warns Europeans about working with China, urges unity

- Associated Press

Even as Western allies grapple with how to counter Russia’s assault on Ukraine, U.S. Treasury Secretary Janet Yellen warned Tuesday that they also must take a wary and united approach to checking China and its business practices.

Citing Russia’s war, IMF cuts global growth forecast to 3.6%

- Associated Press

The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus and its variants.

S&P downgrades Russian foreign currency rating

- The Washington Times

The Standard & Poor’s credit rating agency has downgraded Russia’s foreign currency rating to “selective default” signaling increased risks that Moscow is poised to default on foreign debt for the first time in more than a century.

Biden imposing sanctions on Putin’s daughters

- The Washington Times

White House National Economic Council Director Brian Deese announced Wednesday that the administration would be imposing a new round of sanctions specifically targeting the adult children of Russian President Vladimir Putin.

Bitcoin again viewed as safe haven amid geopolitical tension

- Associated Press

Bitcoin prices have surged as investors again appear to view the volatile cryptocurrency as a safe haven for their money and Russians and Ukrainians seek alternatives to their country’s financial institutions.

Powell tells Congress that Fed will raise rates this month

- The Washington Times

Federal Reserve Chairman Jerome H. Powell told Congress on Wednesday that he will recommend a short hike in interest rates in two weeks in a bid to hold down record-high inflation, testifying in a hearing where Republicans blamed Democrats and President Biden’s high spending for the steepest price increases in four decades.

Key inflation gauge hit 6.1% in January, highest since 1982

- Associated Press

An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine.

Wall Street has a roller-coaster day after Russia invades Ukraine

- The Washington Times

The Russian invasion of Ukraine caused a tumultuous day on Wall Street as stocks took a dive before major indexes recovered to positive territory, buoyed by investors buying the dip on tech stocks and gains in defense stocks amid the upheaval. Meanwhile, Russia’s markets had to suspend trading as stocks plunged as much as 45% before closing 33% down, and the ruble dropped to a record low against the dollar.