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Yellen says U.S. financial system operating in ‘orderly manner’ -Breaking

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© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on “the State of the International Financial System,” on Capitol Hill in Washington, U.S., April 6, 2022. REUTERS/Tom Brenner

WASHINGTON (Reuters), Despite recent volatility in the markets, U.S. Treasury Secretary Janet Yellen declared Monday that the U.S. Financial System was “orderly” and some assets’ valuations are still high compared with historical values.

Prepared testimony to a U.S. Senate Banking Committee Hearing on Tuesday, Yellen stated that the Financial Stability Oversight Council would continue to track developments related to war in Ukraine as well as ongoing efforts against the coronavirus panademic.

Yellen stated that there is the possibility of continued volatility and unevenness in global growth, as countries grapple with the pandemic. “Russia’s unprovoked invasion of Ukraine has further increased economic uncertainty.”

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