Janet Yellen Agrees To Continue As Treasury Secretary

Bloomberg has reported that Treasury Secretary Janet Yellen has agreed to stay in her post following a request from President Joe Biden.

• Bloomberg: "Biden made the request in mid-December, the official said. Biden is preparing for turnover in his Cabinet and questions have swirled over how long Yellen would remain in his administration."
• The Bloomberg report continues: "The development ensures stability at the Treasury ahead of a fight in Congress over raising the debt ceiling and a looming threat of a recession as the Federal Reserve raises interest rates to cool inflation."
• Maintaining her position in the cabinet will also allow Yellen to continue leading a drive to restrict Russian oil revenue through a price-cap on Russian crude oil.
• Reuters carrying comments from Yellen stating that, "Russian crude oil price cap in first month is achieving goals of keeping Russian oil on market while limiting Russia's revenues."
• Yellen: "Some Russian officials have admitted that oil price cap has cut into Russia's energy revenues."