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Exclusive: Yellen brushes off warning, says Fed has authority on global talks
By Jonathan Spicer NEW YORK (Reuters) - Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to halt global regulatory talks in the early stages of Donald Trump's presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States. The pointed letter to Republican Representative Patrick McHenry, reviewed by Reuters, suggested the U.S. central bank will carry on as usual with international discussions on financial standards even while Trump and conservatives in Congress move to ease U.S. bank rules adopted after the 2007-2009 financial crisis. "We will continue to coordinate with the Treasury Department, which is itself a member of several international forums related to financial services, such as the Financial Stability Board (FSB) and the International Association of Insurance Supervisors, as well as with the other U.S. supervisory agencies that participate in various international forums," Yellen wrote in a Feb. 10 letter to McHenry, who is vice chairman of the House Financial Services Committee.
Fed's Yellen says fiscal policy adds 'uncertainty' to outlook
Possible changes in fiscal policy by US President Donald Trump are among the factors adding "uncertainty" to the economic outlook, Federal Reserve Chair Janet Yellen said Tuesday. Regardless, the central bank will decide at its upcoming monetary policy meetings -- the next one is March 14-15 -- whether to raise the key interest rate once inflation rises closer to the Fed's two percent target and as employment continues to strengthen, as expected, Yellen said in her semi-annual testimony to Congress.
Stock markets around the world downshift into neutral
NEW YORK (AP) — Stock markets around the world downshifted into neutral on Tuesday, and U.S. indexes edged lower in early trading a day after setting record highs. Bond yields climbed after Fed Chair Janet Yellen told Congress that the Fed is still on track for more interest rate increases and understands the risk of waiting too long to raise borrowing rates.
Ryan: Trump made right decision to seek Flynn resignation
U.S. House of Representatives Speaker Paul Ryan said on Tuesday President Donald Trump was right to seek the resignation of Michael Flynn after disclosures the national security adviser misled the vice president and others about his conversations with a Russian diplomat. Ryan said he would leave it to the administration to explain the circumstances behind Flynn's departure. "I think they key is this: that as soon as this person lost the president's trust, the president asked for his resignation, and that was the right thing to do," Ryan told reporters.
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