US Treasury Secretary Yellen: Imperative that congress swiftly addresses debt limit


US Treasury Secretary Janet Yellen pushed Congress to swiftly address the debt limit issue during her latest comments.

Reuters also reported, “A sharply divided US Senate on Monday failed to advance a measure to suspend the federal debt ceiling and avoid a partial government shutdown, as Republican lawmakers denied the bill the votes necessary to move forward.”

Earlier on Monday, Bloomberg released reports suggesting the Treasury Secretary’s refrain from talking to the beleaguered head of the International Monetary Fund (IMF) Kristalina Georgieva, per their sources.

“Since Georgieva was accused earlier this month of improperly intervening in a World Bank report in her prior job there, she has made attempts to speak with Yellen but has failed to get through,” said Bloomberg.

To highlight the importance of the news of no talking between US Treasury Secretary Yellen and IMF’s Georgieva, Bloomberg mentioned that the US  is the largest shareholder in both the IMF and World Bank, and the Treasury Department manages those relationships.

Market implications

It’s worth noting that the US policymakers battle the infrastructure spending bill, as well as debt ceiling issues, before the October 01 expiry and hence such push should help increase the market’s optimism. However, Republicans are likely holding the talks back, which in turn challenges the market’s reaction to the news.

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