The Federal Reserve Bank of New York’s Center for Microeconomic Data has released the April 2024 Survey of Consumer Expectations. The survey indicates that short-term and long-term inflation expectations have risen, while medium-term expectations have decreased. Home price growth expectations have reached their highest level since July 2022, and spending growth expectations have also increased.

On May 13, 2024, Todd M. Harper, Chairman of the National Credit Union Administration (NCUA), announced that he will be temporarily stepping away from his daily duties to undergo and recover from back surgery. In a message to the agency's employees, Harper said, “Many of you have likely heard me say on several occasions that if you don’t take care of yourself, you can’t take care of others."

Inflation expectations among U.S. business leaders increased in the second quarter of 2024, according to the Survey of Firms’ Inflation Expectations (SoFIE), published by the Federal Reserve Bank of Cleveland. CEOs and other top executives reported in April (2024:Q2) that they expect inflation as measured by the Consumer Price Index to be 3.8 percent over the next 12 months, up from 3.4 percent in January (2024:Q1).

The United States has expressed its approval of the productive Annual Meetings of the Asian Development Bank (ADB) and the successful replenishment of the Asian Development Fund (ADF-14) and the Technical Assistance Special Fund (TASF-8). The ADF is a crucial support for the poorest and most vulnerable countries in Asia and the Pacific, including small island developing states in the Pacific, as well as Afghanistan and Myanmar.

In a recent meeting of the Financial Stability Oversight Council, Secretary of the Treasury Janet L. Yellen highlighted the importance of addressing risks associated with nonbank mortgage servicing. The Council is set to vote on publishing a report that provides a comprehensive analysis of these risks and offers concrete recommendations for mitigating them.

U.S. Secretary of the Treasury Janet L. Yellen presided over a meeting of the Financial Stability Oversight Council (Council) in both executive and public sessions at the U.S. Department of the Treasury (Treasury) on May 10, 2024.

The U.S. Department of the Treasury has released the Treasury International Capital (TIC) data for March 2024. The subsequent release, which will report on data for April 2024, is slated for June 18, 2024.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has identified an attempted sanctions evasion scheme involving a Russian individual and three Russia-based companies. The intricate scheme could have potentially unfrozen over $1.5 billion worth of shares belonging to U.S.-designated Russian oligarch Oleg Vladimirovich Deripaska.

Secretary of the Treasury Janet L. Yellen issued a statement following the conclusion of the Section 301 review. She emphasized that President Biden and she have consistently pledged to take necessary actions to further the interests of American workers and firms. The results of the Section 301 review, announced today, outline strategic steps required to address specific long-standing unfair trade practices by the People's Republic of China.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on three Nicaragua-based entities: the Training Center of the Russian Ministry of Internal Affairs in Managua (RTC); Compania Minera Internacional, Sociedad Anónima (COMINTSA); and Capital Mining Investment Nicaragua, Sociedad Anónima (Capital Mining). These actions are taken pursuant to Executive Order (E.O.) 13851, as amended.

Deputy Secretary of the Treasury Wally Adeyemo addressed the Treasury Tribal Advisory Committee (TTAC) on May 10, 2024, emphasizing the importance of government-to-government engagement and outlining ongoing initiatives aimed at supporting Tribal governments.

Secretary of the Treasury Janet L. Yellen delivered remarks in Stafford County, Virginia on May 10, 2024. She expressed gratitude to those present and began by reflecting on the American Rescue Plan enacted by President Biden in March 2021 during the height of the COVID pandemic. The plan offered critical support to states, cities, and counties which enabled them to address urgent needs such as expanding public health services and ensuring housing and business continuity.

President Biden has issued an order prohibiting the acquisition and requiring the divestment of certain real estate operated as a cryptocurrency mining facility within one mile of Francis E. Warren Air Force Base (F.E. Warren AFB). The property, owned by MineOne Partners Limited, which is majority owned by nationals of the People’s Republic of China, MineOne Cloud Computing Investment I L.P., MineOne Data Center LLC, and MineOne Wyoming Data Center LLC (collectively MineOne), along with their affiliates, was purchased in June 2022.

The Financial Stability Oversight Council (Council) has released its Report on Nonbank Mortgage Servicing, detailing the growth of the nonbank mortgage servicing sector and its critical roles in the mortgage market. The report identifies key vulnerabilities that could impair servicers' ability to perform these critical functions and explains how these vulnerabilities could amplify shocks to the mortgage market and pose risks to financial stability.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced today that it has sanctioned Ali Yagoub Gibril and Osman Mohamed Hamid Mohamed, leaders of the Rapid Support Forces’ (RSF) war campaign in Sudan. The sanctions were imposed under Executive Order (E.O.) 14098 due to the RSF's recent attacks in North Darfur, which have resulted in numerous civilian casualties, including children.

The U.S. Treasury Department recently co-hosted a meeting with the White House to discuss the implementation of the Inflation Reduction Act's provisions aimed at reducing household utility costs. The act is designed to extend and strengthen tax credits that reduce the costs of energy-efficient appliances, energy-saving home improvement projects, and residential clean energy installations.

The Federal Reserve Bank of Philadelphia has introduced a new continuous data release that tracks the rate at which workers transition from one employer to another. This data set, named Fujita, Moscarini, and Postel-Vinay (FMP) Employer-to-Employer (E2E) Transition Probability, offers an up-to-date measure of worker reallocation pace in the U.S. labor market.

The U.S. Department of the Treasury and Internal Revenue Service (IRS) have announced that applications for the 2024 Program Year of the Low-Income Communities Bonus Credit Program will open at 9:00 a.m. ET on May 28, 2024. The program, created under President Biden’s Inflation Reduction Act, offers up to a 20-percentage point credit boost for projects in low-income and Tribal communities.

The U.S. Department of the Treasury has announced plans to conduct a series of auctions, selling its warrants to purchase the common stock of certain publicly traded airlines. The intended buyers are qualified institutional investors, institutional accredited investors, or the issuing airlines themselves. The proceeds from these sales will provide additional returns to American taxpayers following the financial assistance and liquidity that the Treasury provided to these airlines during the pandemic.

The Federal Reserve and U.S. Treasury refrained from intervening in foreign exchange markets during the first quarter of 2024, according to a quarterly report released by the Federal Reserve Bank of New York. The report, submitted to the U.S. Congress, revealed that the U.S. dollar appreciated by 2.2 percent during this period.