US Treasury Secretary Janet Yellen has expressed optimism about the economic prospects for 2024, citing increased consumer confidence and a positive financial outlook.

"I think 2024 is going to be a very good economic year. That said, there are always risks," Yellen told ABC News Correspondent Elizabeth Schulze in an interview in Chicago.

Yellen highlighted the confidence among consumers and households in their financial situations, emphasising their willingness to spend.

According to her, this spending behaviour not only creates jobs but also fosters economic growth, providing people with the income needed to sustain this positive momentum.

Yellen's comments followed a robust GDP report, defying earlier predictions of a recession.

The Biden administration aims to leverage this unexpected economic strength to counter prevailing pessimistic sentiments among voters in the lead-up to the 2024 election.

<a href="https://www.wionews.com/world/us-alabama-makes-history-with-first-execution-using-nitrogen-gas-683713">Also read |&nbsp;In a first, Alabama death row inmate Kenneth Smith executed with nitrogen gas</a>

<h2>Changing economic sentiment</h2>

Recent surveys, including the University of Michigan's consumer sentiment index, indicated a significant improvement in people's outlook on the economy.

Yellen sees this shift as a promising sign, potentially influencing voters' perceptions of the economic landscape.

Actively engaging in the political discourse, Yellen and President Joe Biden visited the Midwest to underscore the administration's successes in areas such as infrastructure, manufacturing, and clean energy.

Yellen's speech in Chicago highlighted policy achievements, while Biden visited a key swing state, Wisconsin, to showcase a bridge construction project funded by his legislation.

<a href="https://www.wionews.com/world/donald-trump-briefly-testifies-at-jean-carroll-defamation-trial-in-new-york-683720">Also read |&nbsp;Donald Trump briefly testifies at Jean Carroll defamation trial in New York</a>

In an unusual move for Yellen, she directly slammed&nbsp;former president Donald Trump, contrasting his policies with those of the current administration.

Yellen emphasised the success of Biden's investments in steering the country away from post-pandemic economic hardships and criticised Trump's tax cut legislation, which, according to her, primarily benefited wealthy corporations rather than the middle class.

While acknowledging the administration's achievements, Yellen recognised the ongoing challenges, particularly concerning the middle class.

High costs of child care, food, and housing were cited as areas needing attention.

Yellen pledged the administration's commitment to addressing these issues to further boost the middle class.

Despite acknowledging rising costs, Yellen emphasised that wages are increasing more rapidly than prices. She reassured Americans that, despite challenges, their financial situations are improving. Additionally, Yellen acknowledged a generational shift, noting that achieving the American dream is now perceived as more challenging compared to her own upbringing.

Also watch |&nbsp;US economy grows by 3.3% in last three months of 2023

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Drawing attention to the changing sentiment about the American dream, Yellen reflected on a recent poll showing a decline from 50 per cent&nbsp;to 27 per cent&nbsp;in the belief that the American dream still holds. She highlighted disparities in economic progress across the country, emphasising the need for change to revive the belief that the American dream is alive and well.

(With inputs from agencies)

US Treasury Secretary Janet Yellen has expressed optimism about the economic prospects for 2024, citing increased consumer confidence and a positive financial outlook.

US Treasury Secretary Janet Yellen has expressed optimism about the economic prospects for 2024, citing increased consumer confidence and a positive financial outlook. "I think 2024 is going to be a very good economic year. That said, there are always risks," Yellen told ABC News Correspondent Elizabeth Schulze in an interview in Chicago. Yellen highlighted the confidence among consumers and households in their financial situations, emphasising their willingness to spend. According to her, this spending behaviour not only creates jobs but also fosters economic growth, providing people with the income needed to sustain this positive momentum. Yellen's comments followed a robust GDP report, defying earlier predictions of a recession. The Biden administration aims to leverage this unexpected economic strength to counter prevailing pessimistic sentiments among voters in the lead-up to the 2024 election. Also read | In a first, Alabama death row inmate Kenneth Smith executed with nitrogen gas Changing economic sentiment Recent surveys, including the University of Michigan's consumer sentiment index, indicated a significant improvement in people's outlook on the economy. Yellen sees this shift as a promising sign, potentially influencing voters' perceptions of the economic landscape. Actively engaging in the political discourse, Yellen and President Joe Biden visited the Midwest to underscore the administration's successes in areas such as infrastructure, manufacturing, and clean energy. Yellen's speech in Chicago highlighted policy achievements, while Biden visited a key swing state, Wisconsin, to showcase a bridge construction project funded by his legislation. Also read | Donald Trump briefly testifies at Jean Carroll defamation trial in New York In an unusual move for Yellen, she directly slammed former president Donald Trump, contrasting his policies with those of the current administration. Yellen emphasised the success of Biden's investments in steering the country away from post-pandemic economic hardships and criticised Trump's tax cut legislation, which, according to her, primarily benefited wealthy corporations rather than the middle class. While acknowledging the administration's achievements, Yellen recognised the ongoing challenges, particularly concerning the middle class. High costs of child care, food, and housing were cited as areas needing attention. Yellen pledged the administration's commitment to addressing these issues to further boost the middle class. Despite acknowledging rising costs, Yellen emphasised that wages are increasing more rapidly than prices. She reassured Americans that, despite challenges, their financial situations are improving. Additionally, Yellen acknowledged a generational shift, noting that achieving the American dream is now perceived as more challenging compared to her own upbringing. Also watch | US economy grows by 3.3% in last three months of 2023 Drawing attention to the changing sentiment about the American dream, Yellen reflected on a recent poll showing a decline from 50 per cent to 27 per cent in the belief that the American dream still holds. She highlighted disparities in economic progress across the country, emphasising the need for change to revive the belief that the American dream is alive and well. (With inputs from agencies)

US Treasury Secretary Janet Yellen forecasts a 'very good' year for economy in 2024

US Treasury Secretary Janet Yellen on Friday (July 7) criticised China for its recent 'punitive' measures against US companies as she stressed the need for market reforms in the world's second-largest economy. Yellen is on a four-day China visit. She arrived in Beijing on Thursday. Yellen&nbsp;maintained that complete decoupling of the US and Chinese economies was "impossible".&nbsp;She is the second high-ranking US official to visit China in recent months.

Yellen was speaking at the American Chamber of Commerce in China (AmCham) after "substantive" talks with former Chinese economy czar Liu He, who is a close confidante of President Xi Jinping.

Watch | Xi Jinping sees red as US&nbsp;aims to curtail technology investment in China | Yellen in Beijing

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The US has said in recent months that it was seeking to "de-risk" from China by limiting its access to advanced tech deemed crucial to Washington's national security.

The US has also blacklisted a number of Chinese companies in order to prevent their access to the most-advanced chips and has pushed allies to follow suit.

<h2>No ‘wholesale separation&nbsp;of economies’</h2>

Yellen sought to stress that there were no plans to completely separate the two economies.

"We seek to diversify, not to decouple. A decoupling of the world's two largest economies would be destabilising for the global economy," Yellen told representatives of US businesses at a session hosted by the American Chamber of Commerce in&nbsp;Beijing.

"And it would be virtually impossible to undertake."

Just before Yellen's visit, China announced new export controls on two strategic metals that are necessary for semiconductor manufacturing on national security grounds. This was seen as Beijing's latest salvo in the chips war.

Also Read | <a href="https://www.wionews.com/world/data-lab-chinas-job-crisis-and-the-curse-of-35-why-are-people-afraid-of-that-age-613006">Data Lab | China's job crisis and 'the curse of 35’: Why are people afraid of that age?</a>

On Friday, Yellen told US businesspeople that Washington was "concerned" about the curbs.

"We are still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains," she said.

Amid the strained relations between the US and China, the latter did strike some optimistic note about Yellen's visit.

On Friday, the Chinese foreign ministry said that Yellen's visit would "strengthen communication and exchange between the two countries".

"The nature of China-US economic and trade relations is mutually beneficial and win-win, and there is no winner in a trade war or 'decoupling and breaking chains'," a ministry official said in a statement.

Also Read | <a href="https://www.wionews.com/world/avoid-miscommunication-yellen-after-arriving-in-beijing-on-four-day-trip-612907">'Avoid miscommunication...': Yellen after arriving in Beijing on four-day trip</a>

A US Treasury official said that on Friday morning, Yellen had a "substantive conversation" with former vice premier Liu He, who was her previous counterpart. Yellen also spoke with the outgoing governor of China's central bank, Yi Gang,&nbsp;

"They discussed the global economic outlook as well as the respective economic outlooks for the United States and China," the official added.

Yellen is due to meet China's Premier Li Qiang in the afternoon on Friday. The meeting gives a chance to both sides to discuss their economic relationship, convey concerns and explore collaboration opportunities.

(With inputs from agencies)

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US Treasury Secretary Janet Yellen on Friday (July 7) criticised China for its recent 'punitive' measures against US companies as she stressed the need for market reforms in the world's second-largest economy.

US Treasury Secretary Janet Yellen on Friday (July 7) criticised China for its recent 'punitive' measures against US companies as she stressed the need for market reforms in the world's second-largest economy. Yellen is on a four-day China visit. She arrived in Beijing on Thursday. Yellen maintained that complete decoupling of the US and Chinese economies was "impossible". She is the second high-ranking US official to visit China in recent months. Yellen was speaking at the American Chamber of Commerce in China (AmCham) after "substantive" talks with former Chinese economy czar Liu He, who is a close confidante of President Xi Jinping. Watch | Xi Jinping sees red as US aims to curtail technology investment in China | Yellen in Beijing × The US has said in recent months that it was seeking to "de-risk" from China by limiting its access to advanced tech deemed crucial to Washington's national security. The US has also blacklisted a number of Chinese companies in order to prevent their access to the most-advanced chips and has pushed allies to follow suit. No ‘wholesale separation of economies’ Yellen sought to stress that there were no plans to completely separate the two economies. "We seek to diversify, not to decouple. A decoupling of the world's two largest economies would be destabilising for the global economy," Yellen told representatives of US businesses at a session hosted by the American Chamber of Commerce in Beijing. "And it would be virtually impossible to undertake." Just before Yellen's visit, China announced new export controls on two strategic metals that are necessary for semiconductor manufacturing on national security grounds. This was seen as Beijing's latest salvo in the chips war. Also Read | Data Lab | China's job crisis and 'the curse of 35’: Why are people afraid of that age? On Friday, Yellen told US businesspeople that Washington was "concerned" about the curbs. "We are still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains," she said. Amid the strained relations between the US and China, the latter did strike some optimistic note about Yellen's visit. On Friday, the Chinese foreign ministry said that Yellen's visit would "strengthen communication and exchange between the two countries". "The nature of China-US economic and trade relations is mutually beneficial and win-win, and there is no winner in a trade war or 'decoupling and breaking chains'," a ministry official said in a statement. Also Read | 'Avoid miscommunication...': Yellen after arriving in Beijing on four-day trip A US Treasury official said that on Friday morning, Yellen had a "substantive conversation" with former vice premier Liu He, who was her previous counterpart. Yellen also spoke with the outgoing governor of China's central bank, Yi Gang, "They discussed the global economic outlook as well as the respective economic outlooks for the United States and China," the official added. Yellen is due to meet China's Premier Li Qiang in the afternoon on Friday. The meeting gives a chance to both sides to discuss their economic relationship, convey concerns and explore collaboration opportunities. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Yellen criticises China's 'punitive' measures against US companies, but says decoupling 'impossible'

The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the&nbsp;G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap.&nbsp;

In an interview with Reuters on the sidelines of the US–India business and investment opportunities event in New Delhi, Yellen said despite India's oil purchases from Russia the G7 price cap, which is intended to cut Russia's revenue will&nbsp;still work and bring down global oil prices.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/our-purchases-for-the-month-would-be-less-than-what-europe-does-in-an-afternoon-jaishankar-on-russian-oil-470374">Our purchases for the month would be less than what Europe does in an afternoon: Jaishankar on Russian oil</a>

"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen told Reuters. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services."

The Treasury Secretary also highlighted that Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine."

Over purchase of Russian oil by India and private Indian oil companies, Yellen said they "can also purchase oil at any price they want as long as they don't use these Western services and they find other services."

ALSO READ |&nbsp;<a href="https://www.wionews.com/india/buying-russian-gas-is-not-funding-the-war-says-jaishankar-484836">Buying Russian gas is not funding the war, says Jaishankar</a>

During the event, she termed India as one of the trusted trading partners of US. "In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations," she remarked&nbsp;at the event.&nbsp;

She said that the recent disruptions caused by the pandemic and Russia’s war on Ukraine are reasons to further deepen India-US economic ties.

WATCH |&nbsp;&nbsp;<a href="https://www.wionews.com/videos/us-treasury-secretary-janet-yellen-meets-indias-finance-minister-nirmala-sitharaman-533263">US' Treasury Secretary Janet Yellen meets India's Finance Minister Nirmala Sitharaman</a>

India's External Affairs Minister S Jaishankar, has on various national and international platforms earlier,&nbsp;explained India's oil purchases from Russia where he made clear that India will do what is the best for the nation.&nbsp;

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The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap.

The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap. In an interview with Reuters on the sidelines of the US–India business and investment opportunities event in New Delhi, Yellen said despite India's oil purchases from Russia the G7 price cap, which is intended to cut Russia's revenue will still work and bring down global oil prices. ALSO READ | Our purchases for the month would be less than what Europe does in an afternoon: Jaishankar on Russian oil "Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen told Reuters. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services." The Treasury Secretary also highlighted that Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine." Over purchase of Russian oil by India and private Indian oil companies, Yellen said they "can also purchase oil at any price they want as long as they don't use these Western services and they find other services." ALSO READ | Buying Russian gas is not funding the war, says Jaishankar During the event, she termed India as one of the trusted trading partners of US. "In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations," she remarked at the event. She said that the recent disruptions caused by the pandemic and Russia’s war on Ukraine are reasons to further deepen India-US economic ties. WATCH | US' Treasury Secretary Janet Yellen meets India's Finance Minister Nirmala Sitharaman India's External Affairs Minister S Jaishankar, has on various national and international platforms earlier, explained India's oil purchases from Russia where he made clear that India will do what is the best for the nation. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India can buy as much Russian oil as it wants, outside price cap, says US

After Treasury Secretary Janet Yellen spoke at a US-India Businesses and Investment Opportunities event in New Delhi on Friday, the US Department of Treasury withdrew India off its Currency Monitoring List. Along with India, the US also removed Italy, Mexico, Thailand, and Vietnam off its Currency Monitoring List. According to the Department of Treasury's biannual report to Congress, the seven economies that form&nbsp;the current Currency Monitoring List are China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan.

The countries that were removed from the Currency Monitoring List for two consecutive reports only satisfied one of the three requirements, according to the biannual report.

“China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism makes it an outlier among major economies and warrants Treasury’s close monitoring," the report said.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/on-maiden-visit-to-india-us-treasury-secretary-calls-on-like-minded-countries-to-end-reliance-on-china-533217">On maiden visit to India, US Treasury Secretary calls on like-minded countries to end reliance on China</a>

On her first visit to India, US Treasury Secretary Janet Yellen quoted <a href="https://www.wionews.com/world/our-intention-is-to-run-again-biden-hints-at-another-shot-at-the-white-house-533118">President Joe Biden</a> in&nbsp;saying that India is an “indispensable partner to the United States."

“That's particularly true today. I believe that these urgent challenges are bringing India and the United States closer together than ever before," she said.

Also WATCH |&nbsp;U.S. judge strikes down Biden's student debt plan: Two borrowers did not qualify for debt relief

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Speaking at the US-India Businesses and investment Opportunities event in New Delhi, Janet Yellen said that the US would support India's G20 leadership in order to advance common global interests.

(With inputs from agencies)

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After Treasury Secretary Janet Yellen spoke at a US-India Businesses and Investment Opportunities event in New Delhi on Friday, the US Department of Treasury withdrew India off its Currency Monitoring List.

After Treasury Secretary Janet Yellen spoke at a US-India Businesses and Investment Opportunities event in New Delhi on Friday, the US Department of Treasury withdrew India off its Currency Monitoring List. Along with India, the US also removed Italy, Mexico, Thailand, and Vietnam off its Currency Monitoring List. According to the Department of Treasury's biannual report to Congress, the seven economies that form the current Currency Monitoring List are China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan. The countries that were removed from the Currency Monitoring List for two consecutive reports only satisfied one of the three requirements, according to the biannual report. “China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism makes it an outlier among major economies and warrants Treasury’s close monitoring," the report said. Also read | On maiden visit to India, US Treasury Secretary calls on like-minded countries to end reliance on China On her first visit to India, US Treasury Secretary Janet Yellen quoted President Joe Biden in saying that India is an “indispensable partner to the United States." “That's particularly true today. I believe that these urgent challenges are bringing India and the United States closer together than ever before," she said. Also WATCH | U.S. judge strikes down Biden's student debt plan: Two borrowers did not qualify for debt relief Speaking at the US-India Businesses and investment Opportunities event in New Delhi, Janet Yellen said that the US would support India's G20 leadership in order to advance common global interests. (With inputs from agencies) WATCH WION LIVE HERE:

India removed from US Treasury's Currency Monitoring List

Are world leaders ignoring an impending global financial crisis? China's Evergrande crisis has rattled global markets. While Treasury Secretary Janet Yellen has warned the US could default on its debt obligations. Palki Sharma tells you more.

Gravitas US Edition: Are world leaders ignoring an impending financial pandemic?

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US Treasury Secretary Janet Yellen forecasts a 'very good' year for economy in 2024

Yellen criticises China's 'punitive' measures against US companies, but says decoupling 'impossible'

India can buy as much Russian oil as it wants, outside price cap, says US

India removed from US Treasury's Currency Monitoring List

Gravitas US Edition: Are world leaders ignoring an impending financial pandemic?