![]() allies to accelerate economic support for Ukraine.īeyond Ukraine, Yellen has also called on China to do more to provide debt relief for low-income countries as interest rates rise, and has led U.S. She persuaded G7 leaders to back a cap on the price of Russian oil in a bid to avert a major supply shock and a deeper global downturn next year. Treasury Secretary Janet Yellen has had some success in rallying an international response to Russia’s invasion of Ukraine. influence over international affairs, after the Biden administration sought to re-engage with the world in the post-Trump era. The global turmoil provides the latest test of U.S. “The Fed is going to do what the Fed is going to do, and the Europeans are going to do what they’re going to do.” chairman of the Official Monetary and Financial Institutions Forum and a former Treasury official. ![]() “At the end of the day, a lot of the national policies are on their own course,” said Mark Sobel, U.S. ![]() The Federal Reserve is at the forefront, as it ratchets up interest rates and fuels recession risks in a bid to control rising prices. The leadership gap speaks to the overriding challenge of the moment, as national leaders and central bankers across the globe focus on averting domestic crises triggered by surging inflation and shocks from Russia’s escalating war in Ukraine. has led in previous episodes when the global economy was on the brink. Absent from the frenzy: The kind of sweeping, coordinated effort the U.S.
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