Within 1 minute, Janet Yellen, US Treasury Secretary, said:
Within 1 minute, Janet Yellen, US Treasury Secretary, said:
“We have the safest and most liquid financial system of any in the world… .
…If raising the debt ceiling fails…it would be absolutely catastrophic.”
“The dollar is the world’s reserve currency” [amid increasing news indicating that the petrodollar will be replaced by other national currencies]
“US Treasuries are the best asset when there are concerns about some financial development around the world” [on the back of reports that China has cut its holdings of US Treasuries to the lowest level since May 2009].
Later today at 2:00 PM ET, the US prime rate is expected to rise to 5.00%.
