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Banking & Finance

The latest coverage of the banking and financial sectors.

President Joe Biden meets with Treasury Secretary Janet Yellen, right, and Federal Reserve Chairman Jerome Powell in the Oval Office of the White House, Tuesday, May 31, 2022, in Washington. (AP Photo/Evan Vucci)

Biden says Powell, Fed will get inflation under control

- The Washington Times

President Biden tried to assure Americans Tuesday that Federal Reserve Chairman Jerome Powell and the central bank will get control of record inflation, despite the price of gas hitting another high and three-quarters of voters saying the nation is headed in the wrong direction.

In this July 21, 2021, file photo, a consumer shops at a retail store in Morton Grove, Ill. The fastest inflation in 40 years squeezed retailers during the first quarter, alarming investors worried about the broader economy's outlook. Earnings reports from Walmart, Target and Amazon this month showed higher costs are hurting retailers' operations. (AP Photo/Nam Y. Huh) ** FILE **

U.S. economy shrank by 1.5% in Q1, but consumers kept spending

- Associated Press

The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter.

U.S Treasury Secretary Janet Yellen, right, talks to Holocaust survivor, Marian Turski, while attending a wreath-laying ceremony in front of the Ghetto Heroes Monument in Warsaw, Poland, Monday, May 16, 2022. (AP Photo/Michal Dyjuk)

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.

Indiana state Sen. Erin Houchin, R-Salem, left, speaks with Sen. Eric Koch, R-Bedford during a legislative hearing at the Indiana Statehouse in Indianapolis on Aug. 21, 2021. American Dream Federal Action, a super PAC financed by a cryptocurrency CEO, saturated the district with ads promoting Houchin as a “Trump Tough” conservative who would “stop the socialists in Washington.” That push helped secure her win last week in a Republican primary. (Kelly Wilkinson/The Indianapolis Star via AP, File)

Crypto comes to Washington. Will the millions buy influence?

- Associated Press

The impact of the unsolicited help shows how cryptocurrency tycoons are emerging as new power players in American politics. They are pouring millions of dollars into primary elections as they try to gain influence over members of Congress, Republican and Democrat, who will write laws governing their industry, as well as other government officials who are crafting regulations.

The logo of the International Monetary Fund is visible on their building, April 5, 2021, in Washington. The International Monetary Fund downgraded the outlook for the world economy this year and next, blaming the Ukraine war for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by COVID-19 and its variants. (AP Photo/Andrew Harnik)

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.

Russian President Vladimir Putin chairs a Security Council meeting via videoconference at the Novo-Ogaryovo residence outside Moscow, Russia, Thursday, April 7, 2022.  The credit rating agency Standard & Poor's has downgraded its assessment of Russia's ability to repay foreign debt, Friday, April 8. That indicates Moscow could soon default on external loans for the first time in more than a century.   (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP, File)  **FILE**

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.

Russian President Vladimir Putin attends a meeting on the development of agricultural and fishing industries via videoconference at the Novo-Ogaryovo state residence outside Moscow, Russia, Tuesday, April 5, 2022. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP)

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.

FILE - An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, Thursday, Feb. 17, 2022. Bitcoin prices have surged in recent days, Wednesday, March 2,  as investors once again appear to view the volatile cryptocurrency as safe haven for their money in the midst of rising geopolitical tensions. (AP Photo/Kin Cheung, File)

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.

Federal Reserve Board Chairman Jerome Powell speaks during his re-nomination hearing before the Senate Banking, Housing and Urban Affairs Committee, Tuesday, Jan. 11, 2022, on Capitol Hill in Washington. The Federal Reserve will lift its benchmark short-term interest rate at its next meeting in two weeks, Powell says in prepared testimony he will deliver to a congressional committee Wednesday, March 2. (Brendan Smialowski/Pool via AP, File)

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.