Janet Yellen warns of 'enormous' economic repercussions from war in Ukraine
CNN
US Treasury Secretary Janet Yellen warned Wednesday about the economic shockwaves set off by the war in Ukraine, including disruptions to the flow of food and energy.
"Russia's actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond," Yellen said in prepared remarks ahead of her annual testimony before the House Financial Services Committee.
The war -- and the political response of the West, led by sanctions -- has already sent food and energy prices soaring and has raised concerns about an economic slowdown or even recession during a time of already rampant inflation around the world. In the United States, inflation is at a level not seen in 40 years.
Leaders representing the Group of Seven nations are set to announce as soon as Thursday an agreement to loan money to Ukraine backed by the profits from frozen Russian investments, according to sources familiar with the discussions, providing a new source of revenue to a war-torn nation facing a steep and costly road to recovery.
An Arizona man was indicted by a federal grand jury this week on several firearms charges, having been accused by the US Justice Department of planning a mass shooting targeting Black people and other minorities at a May Atlanta concert in hopes of inciting a race war before the upcoming presidential election.
House Republicans voted Wednesday to hold Attorney General Merrick Garland in contempt of Congress for refusing to turn over the audio recordings of President Joe Biden’s interviews with former special counsel Robert Hur, who investigated Biden’s handling of classified material and declined to bring charges.