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Yellen says 'monitoring' UK developments after pound plummets - FT

09/27/2022 | 09:40pm EST
FILE PHOTO: FILE PHOTO: U.S. Treasury Secretary Janet Yellen holds a news conference at the U.S. Treasury Department in Washington

(Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday the United States was monitoring developments in Britain after the government unveiled a fiscal programme that sent the pound to a record low against the dollar, the Financial Times reported.

The financial turmoil of recent days appeared to be confined to Britain and was not spreading to the global economy, Yellen told reporters at the end of her visit in North Carolina. She declined to comment on Britain's new budget, the newspaper said.

The U.S Treasury did not immediately respond to Reuters' request for comment.

Yellen's comments came as the IMF openly criticized Britain's new economic strategy on Tuesday, following the free fall in the sterling and gilt market that forced the Bank of England to promise a "significant" response to stabilise the economy.

Yellen said financial markets were "still functioning well," adding that they "haven't seen liquidity problems develop in markets", the report added.

Yellen said that both the United States and Britain had "significant inflation problems and central banks are focused on wanting to bring inflation down."

(Reporting by Rhea Binoy in Bengaluru; Additional Reporting by Gokul Pisharody in Bengaluru; Editing by Ana Nicolaci da Costa)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.06% 1.74383 Delayed Quote.-1.66%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) -0.34% 1.64746 Delayed Quote.1.31%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.17% 160.85 Delayed Quote.1.12%
BRITISH POUND / NEW ZEALAND DOLLAR (GBP/NZD) -0.14% 1.90977 Delayed Quote.0.52%
BRITISH POUND / SWISS FRANC (GBP/CHF) -0.05% 1.1415 Delayed Quote.1.79%
BRITISH POUND / US DOLLAR (GBP/USD) -0.24% 1.23846 Delayed Quote.2.60%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.10% 0.75164 Delayed Quote.1.24%
EURO / BRITISH POUND (EUR/GBP) -0.08% 0.87668 Delayed Quote.-0.59%
EURO / US DOLLAR (EUR/USD) -0.32% 1.0856 Delayed Quote.2.04%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.14% 0.012268 Delayed Quote.1.50%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.09% 0.64837 Delayed Quote.2.06%
UK 10Y CASH 2.04% 3.3233 Delayed Quote.-11.37%
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