Yellen: Continued Fallout From War In Ukraine Focus Of G7 Fin Mins Meeting

US Treasury Secretary Janet Yellen has said in a statement that the war in Ukraine will again be in focus when G7 finance ministers meet in Niigata, Japan, May 11-13.

• Treasury Department statement: "Secretary Yellen will focus on strengthening the global economy, including by coordinating with G7 partners to encourage and align domestic investments as well as by addressing the spillover effects of Russia’s illegal war."
• "She will work with partners to deepen resilient supply chains, including among low- and middle-income countries, and advance economic security."
• "Finally, Secretary Yellen will reaffirm the G7’s leadership in the broad coalition supporting Ukraine’s resistance to Russia’s illegal war. That includes through the G7 price cap..."
• The G7 leaders' summit is scheduled to take place in Hiroshima, Japan May 19-21 but US President Joe Biden's attendance may be be in doubt due to the ongoing standoff over the debt limit.
• Bloomberg reports that there are as few as seven working days in May during which Biden and both chambers of Congress will be in Washington before the Treasury Department's worst-case-scenario x-date forecast.