U.S. Treasury Secretary Janet Yellen said banks are likely to become more cautious and may tighten lending further in the wake of recent bank failures, possibly negating the need for further Federal Reserve interest rate hikes.
stabilized in the last two weeks after an initial flood of withdrawals around the time of the SVB and Signature failures in mid-March.
"There are important pros ... and there are some cons with such a decision, so it's one that needs to be seriously analyzed, but it could be something that is in Americans' future," Yellen said.Yellen also told CNN that U.S.-led sanctions and export controls on Russia were depriving it of materials for its war in Ukraine and the $60-a-barrel price cap on Russian oil imposed by Western countries was turning Moscow's expected budget surpluses into deficits.
"So, there is a risk when we use financial sanctions that are linked to the role of the dollar, that over time it could undermine the hegemony of the dollar, as you said. But this is an extremely important tool we try to use judiciously," Yellen said, adding that sanctions are most effective when used with the support of allies.
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