WASHINGTON (Reuters) – Rich nations could tap strategic oil reserves if needed to ward off the risk that Middle East political unrest triggers an inflationary price spiral, Treasury Secretary Timothy Geithner said on Thursday.
In wide-ranging testimony before the U.S. Senate Foreign Relations Committee, Geithner again tweaked China for keeping its currency too low and assured lawmakers he was committed to expanding U.S. overseas trade while playing down risks that oil prices were a threat to a budding recovery.
PARIS, Feb 19 (Reuters) – U.S. Treasury Secretary Timothy
Geithner on Saturday pointed to the problems China’s tightly
controlled currency poses for other developing economies and
said Beijing still had further to go to let its currency rise.
Talks at a Group of 20 meeting in Paris centred round
efforts, led by Germany and G20 presidents France, to persuade
China to include its yawning current account surplus and
undervalued currency in a list of measures aimed to start a
process of rebalancing the global economy.
PARIS (Reuters) – U.S. Treasury Secretary Timothy Geithner sought on Friday to sound a note of confidence about global recovery and again nudge China toward faster currency appreciation.
But ahead of a meeting of Group of 20 finance chiefs, China rejected the notion that its currency practices were a subject for others to debate or an appropriate target to blame for economic imbalances.
PARIS (Reuters) – U.S. Treasury Secretary Timothy Geithner said on Friday that confidence was growing in a sustained global recovery but it was important to keep track of forces that can destabilize growth.
“Of course, we have to look at measures of imbalances. There’s no alternative,” he said at a high-level seminar organized by the Eurofi think tank.
WASHINGTON (Reuters) – The United States hopes the Group of 20 meeting in Paris this weekend will begin coming to grips with how to handle rapid flows of capital that stoke inflation and cause currency rate disruptions, a Treasury official said on Tuesday.
“We need a better framework for addressing volatility in capital inflows,” a U.S. Treasury Department official who requested anonymity, told reporters.
WASHINGTON (Reuters) – U.S. Treasury Secretary Timothy Geithner on Wednesday strongly pitched increased bipartisan cooperation among lawmakers as vital for building business and market optimism about the economy’s direction.
Days ahead of a new budget that the Obama administration hopes will mollify some Republican anger over spending, Geithner told a forum sponsored by The Atlantic magazine that Congress needs to pull together to build confidence.
WASHINGTON, Feb 4 (Reuters) – The Obama administration
declined to name China a currency manipulator on Friday, even
though it said the yuan was “substantially undervalued,”
sparking fresh calls for legislative retaliation to try to
reduce a swelling U.S. trade deficit.
Treasury said China’s yuan CNY=CFXS should rise more
quickly but said it lacked evidence to label Beijing a
manipulator, a designation that could trigger trade action.
WASHINGTON, Feb 4 (Reuters) – Soured commercial real estate
loans pose a continuing threat to recovery from the 2007-2009
financial crisis but won’t pull down any systemically important
banks, regulators told a congressional panel on Friday.
The chairman of the Congressional Oversight Panel, Ted
Kaufman, noted at the start of a hearing that some $3.4
trillion in debt is outstanding on commercial real estate loans
for everything from office buildings to hotels and apartments.
WASHINGTON, Jan 31 (Reuters) – The U.S. Treasury Department
said on Monday it expects to borrow a net $237 billion during
the first quarter, less than previously estimated, as the
Treasury maneuvers to avoid hitting a legally set debt limit.
The quarterly borrowing figure is $194 billion lower than
estimated last November, primarily because the Treasury is
keeping less money in a special account at the Federal Reserve
– a step announced last week to free up more money for
financing the government’s day-to-day operations.
WASHINGTON/NEW YORK (Reuters) – The Treasury Department said on Wednesday it will take in $312.21 million from the sale of two groups of warrants in Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), shedding the last of its direct holdings at a profit two years after spending $45 billion to prop the bank up.
The warrants to buy Citigroup shares, obtained when the government bailed out the bank during the financial crisis, were auctioned on Tuesday and both groups of warrants sold above the minimum bid price.