Treas Sec Yellen: I am not anticipating a downturn in the economy, although a possibility

• Not anticipating a downturn in the economy although it is a possibility
• Friendshoring is approach to deal with supply chain risks but retains tremendous scope for global trade to continue
• Argument that friendshoring will cause fragmentation is not valid
• Russia’s war in Ukraine showed importance of diversifying supply chains
• deeply concerned over Russia’s detention of Wall Street Journal reporter
• China will be an active participant in first principles meeting of sovereign debt Roundtable
• expects some progress on technical aspects of debt restructuring
• I would overdo the negativism about the global economy
• there are economic risk, many related to Russia’s war in Ukraine
• I think the outlook is reasonably bright
• sees World Bank reforms as initial steps, expects phase-in of additional actions over remainder of year

Some positive comments from US Treasury Secretary Janet Yellen

The Dow Industrial Average is trading up about 156 points or 0.46% at 33741.14. The NASDAQ index is negative by -44.5 points or -0.37% at 12039.75. The S&P is between the Dow and the NASDAQ with a modest gain of 5.68 points or 0.14% at 4114.81.