US Treasury

Trump declined to predict whether the US could face a recession amid stock market concerns about his tariff actions on Mexico, Canada and China, saying that "there is a period of transition"

Sanctions on Russia "will be used explicitly and aggressively for immediate maximum impact" at President Donald Trump's guidance, Bessent told an audience at the Economic Club on New York

The price of 22-carat gold rose by Rs 10, with ten grams of the yellow metal selling at Rs 80,110

Treasury Secretary Scott Bessent echoed claims that DOGE had found an estimated $50 billion savings so far

President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin. For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! Trump wrote in a post Sunday night on his Truth Social site. I have instructed my Secretary of the US Treasury to stop producing new pennies. The move by Trump is the latest in what has been a rapid-fire effort by his new administration to enact sweeping change through executive order and proclamation on issues ranging from immigration, to gender and diversity, to the name of the Gulf of Mexico. Trump had not discussed his desire to eliminate the penny during his campaign. But Elon Musk's so-called Department of Government Efficiency raised the prospect in a post on X last month highlighting the penny's cost. The US Mint reported losing $85.3 million in the 2024 fiscal year that ended in September on the nearly 3.2 .

For many Americans, the coin has become a nuisance that ends up being discarded in drawers, ash trays and piggy banks

Musk's DOGE has sought access to Treasury Department payments data, but Musk's statements on social media have largely concerned payments to contractors and grant recipients, not bondholders

19 Democratic state attorneys general filed a lawsuit with the US Supreme Court against DOGE arguing granting Musk's team access to sensitive govt systems violates constitution and federal laws

Musk is targeting systems that process tens of billions of dollars a day in payments for US government agencies and the officials that oversee them

The Supreme Court has revived a requirement that owners of millions of small businesses register with an arm of the Treasury Department charged with fighting money laundering and other financial crimes. The justices granted an emergency plea made by the Justice Department in the waning days of the Biden administration to allow enforcement of the Corporate Transparency Act, enacted in 2021 to crack down on the illicit use of anonymous shell companies. Owners and part-owners of an estimated 32.6 million small businesses must register personal information with Treasury's Financial Crimes Enforcement Network, or FinCEN. The information includes photo IDs and home addresses. It's unclear whether the Trump administration will devote much effort to enforcing the registration requirement, which has been opposed by Republican-led states and lawmakers, as well as conservative and business interest groups. The registration requirement was blocked by a federal judge in Texas, who ruled that ..

Yellen wrote in a letter to bipartisan congressional leaders Friday she was advising them of the extraordinary measures that Treasury will begin using on January 21

Asked whether Congress should abandon the federal debt ceiling, Bessent said that if Trump requested that, he would work with Congress to make it happen

During the Senate confirmation hearings, Bessent called China an 'unbalanced economy,' and described the nation as being in a 'severe recession'

Bessent, who faces questioning before the US Senate Finance Committee, said in prepared testimony that the new Trump administration must prioritize productive investment that grows the economy

While the US economy had done "remarkably well" in the aftermath of the pandemic, it outperformed other advanced economies and did better than in past recessions, Yellen said

The 10-year yield ended at 6.85 per cent, its highest since Nov. 22, compared with its previous close of 6.7724 per cent. The yield posted its biggest single-session rise since June 4

Foreign investors were net sellers of FAR securities in October and November, driven by lower-than-expected growth in the second quarter of the current financial year

Cora Alvi, who was a national deputy finance director for Trump's presidential campaign, will also be a deputy chief of staff

The Chinese embassy in Washington opposes US "smear attacks against China without any factual basis," it said in an emailed statement

US Treasury Secretary Janet Yellen said her agency will need to start taking extraordinary measures, or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as January 14, in a letter sent to congressional leaders Friday afternoon. "Treasury expects to hit the statutory debt ceiling between January 14 and January 23," Yellen wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation's debt ceiling which has been suspended until Jan 1, 2025. The department has in the past deployed what are known as extraordinary measures or accounting maneuvers to keep the government operating. But once those measures run out the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the US government's ability to borrow. "I respectfully urge Congress to act to protect the full faith and credit of the ..