US Treas Sec Yellen says OPEC+ oil output cut is not positive for global growth | Forexlive

US Treasury Secretary Yellen

• OPEC+ production cut ‘very unconstructive act,’ clearly not positive
  for global growth
• Lower gasoline
  prices have helped with holding down inflation , OPEC+ move will not
  help
• OPEC+ move adds to
  uncertainty and burdens on consumers at a time when inflation is
  already high
• She does not see
  OPEC+ as having impact on appropriate level of western price cap on
  Russian crude oil , now at $60/barrel
• She does not believe
  it is appropriate at this time to change level of Russian oil price
  cap, could be revisited
• Russian price cap is
  working, has led to large and widening discounts on Russian crude

And also:

• Says deposit outflows from small and medium-sized banks are
  diminishing, ‘actions we’ve taken have certainly helped’
• US Banking situation
  stabilizing, but watching it very closely
• Not willing to allow
  contagious runs to develop in US Banking system
• US Banking system is
  well-capitalized and liquid, federal reserve is available as lender
  of last resort
• FSOC has focused on
  a range of issues including financial risks, has not put all of its
  recent focus on climate change risks