“There is potential for constant volatility and unevenness of global growth as countries keep fighting with pandemic,” Yellen said during the hearing. on Financial Stability Oversight Council (FSOC) annual report to Congress.
“Russia is not provoked by anything invasion of Economic uncertainty has increased even more in Ukraine,” Yellen said. who chairs FSOC during Senate Banking Committee hearings.
Yellen said financial Regulators will continue to monitor developments and “coordinate as risks and threats are identified.” evolve.”
However, Yellen said that the US financial system “continued to function in orderly manner.”
At the same time, she acknowledged that of some unspecified assets “remain high compared with historical values.
Secretary Yellen also warned that Western sanctions had inflicted powerful attack on Russia economy after invasion of Ukraine.
“Them economy clear in recession,” Yellen told lawmakers, adding that there are forecasts of a Russian economy will be reduced by 10-15%.
Inflation in Russia probably operates about 20% of this yearYellen said. It would be more how double 8.5% year-over-year jump in consumer prices in United States in March.
“It is practically impossible for Russian firms that have fallen under sanctions to get access to the goods and services they need in global markets,” Yellen said, adding that this includes the main defense firms that cannot find computer chips and other components they need restock defense arsenals.