Yellen warns debt limit breach could force default
Treasury Secretary Janet Yellen cautioned Congress must raise the debt ceiling or the U.S. may default on some payments, including Treasuries or Social Security, a step she says would harm the credit rating. She noted no plan has been presented and stressed focus on securing a clean increase.
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Biden nominates Jefferson and Kugler to Fed board in shakeup
President Biden named Philip Jefferson to be vice chair of the Federal Reserve and Adriana Kugler to join the Fed’s board, with Kugler poised to become the first Hispanic American on the rate-setting committee. The nominations come as the Fed faces high rates, inflation and bank turmoil, and Powell signals possible pauses. Jefferson would be the second Black man in the No. 2 slot, replacing Lael Brainard. Kugler brings international and labor economics expertise and is on leave from Georgetown to serve on the World Bank board. Biden also re-nominates Lisa Cook to a full 14-year term as part of the Fed slate.
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Stocks Slip Amid Consumer Concern
Wall Street closed quietly with the S&P 500 down 6.54 points to 4124.08 and the Dow and Nasdaq slightly lower as investors weigh recession risk, inflation, and a potential debt default. Consumer sentiment cited by the University of Michigan shows tumbling views, while PacWest Bancorp slid as banks face high rates and deposit flight. News Corp rose on softer earnings, and Amazon led losses among Big Tech with a 1.7 percent drop.
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