Treasury secretary janet yellen said the United States is monitoring potential economic effects from israelhamas war but has yet to see significant impact. She said the u. S. Is not ruling out the possibility of new sanctions for iran and hamas in light of the attacks on israel. Sec. Yellen i have seen firsthand the progress morocco is making to recover from last months earthquake. The decision to proceed in marrakech is a testament to the resilience of the moroccan people. The United States is committed to supporting the government of morocco to if yes Recovery Efforts as morocco works to provide immediate lifesaving humanitarian assistance to those in need. These are also the first annual meetings in africa in 50 years. It is fitting we are here since africa will shape the future of the Global Economy. Before highlighting the priorities for this week i want to address the horrific attack by Hamas Terrorists in gaza last saturday. The United States condemns the attack in the strongest possible terms and stands with the people of israel. Turning to priorities in marrakech, i will start with the global macro economy. I am glad some of the pessimism expressed when we met last year remains unwarranted. The Global Economy continues to be in a better place than many thought it might be. Predictions for Global Growth are roughly the same as july and the imf expects local inflation to continue to fall. While some countries continue to experience slowing growth, we do not see signs of broad spillovers destabilizing the Global Economy. We continue to closely monitor Downside Risks to the economic outlook. In the United States, we have had a historically strong recovery driven by the Biden Administrations economic plan. Unemployment is at 3. 8 and inflation has declined considerably. We are also making longterm investments. The a bipartisan infrastructure law, the chips and a science act, and the Inflation Reduction Act are building americas economic strength. The impact will be felt far beyond the United States. The Inflation Reduction Act, massive investments in clean energy will help address the Global Challenge of climate , which is rightly high on the agenda this week. As we navigate risks to the Global Economy, we see russias war against ukraine as a major headwind in this affront to our values and International Law and the principles of territorial integrity. The Biden Administration is committed to supporting ukraine for as long as it takes. Our actions matter for the ukrainian people, for our own National Security interest, and for the values we share with our allies and partners. And we are sharing the burden with our allies and partners, who have provided ukraine with robust economic assistance and are similarly focused on ensuring accountability. Ukraines imf program is also key to both delivering Macro Economic stability and inventing reforms and advancing reforms. Looking ahead, i want to be clear we cannot allow our support to ukraine to be interrupted. Our allies and the ukrainian people can rest assured that the Biden Administration, with the support of a bipartisan majority of the u. S. Congress and the american people, will work so that ukraine receives the assistance it needs to win this war. We also continue to mitigate the other impacts of the war, including food security, especially since russias cruel withdrawal from the black sea initiative. And we remain focused on working with the Global Coalition to deprive russia of the funding it needs to wage this unjust war. We have put in place a novel price cap policy, which has reduced russian revenue over the last 10 months while promoting Stable Energy markets. Global Energy Prices have been largely unchanged. While russia has had to either sell oil at a significant discount or spend huge amounts on its alternative ecosystem. I also support harnessing windfall proceeds from russian sovereign assets immobilized in particular clearinghouses and using the funds to support ukraine. Russias illegal invasion of ukraine has caused untold human suffering and economic damage. We must continue to impose severe and increasing costs on russia and continue efforts to ensure russia pays for the damage it has caused. Our focus on the Global Economy and on addressing Global Challenges, including through the International Financial system, also continues to shape our approach toward a relationship with china. As we protect our National Security interests, we seek a healthy economic relationship that benefits both sides and cooperation on debt restructuring and Global Challenges like Climate Change. Following my visit to china this summer, we announced economic and financial working groups, a further significant step in continuing to deepen our communication, and i look forward to meeting with peoples bank of china, the governor, to discuss Macro Economic and Financial Issues while in marrakech this week, including how the treasury and the pb oc can work with the working group. Throughout the week, we will also be focused on advancing our work to evolve Multilateral Development banks. These annual meetings mark the oneyear anniversary of my call to evolve the mdbs and we have accomplished a tremendous amount in just one year. Including forming a Broad Coalition to take the evolution agenda forward. But there is much more to be done. And we need to keep the momentum going in conversations this week and when we return home. Notably, our evolution agenda doesnt stop with the world bank. It extends to the Regional Development banks and how the mdbs work as a system. Turning to our efforts to strengthen the imf, we are seeking to reach consensus on increasing other resources to put the imf on sound footing and keep it at the center of the Global Financial safety net. We are also exploring ways to give more voice to developing countries through changes in the management and Board Structure of the fund. Finally, our focus on the International Financial system also includes pushing for changes to make the debt architecture work better and faster, which is crucial for development and financial stability. Thank you for joining me this morning and i look forward to a productive week ahead. Helen rappaport, new york times. Thanks for taking my question. Secretary yellen, do you think the work in the middle east has the potential to inflame inflationary pressures around the world and what measures are you considering to contain oil prices if the conflict constrains supplies . Sec. Yellen at this stage, we are focused on human beings that have been affected by these barbaric attacks on israel and the suffering that it has caused. As President Biden said, we stand firmly behind israel and are there to support israel in any way thats necessary. While we are monitoring potential Economic Impacts from the crisis, im not really thinking of that as a major likely driver of the Global Economic outlook. So we will see what impact this has thus far. I dont think we have seen anything suggesting it will be very significant, but of course we are monitoring Economic Impacts as well. Thank you for taking our question. To what extent is the u. S. Looking to tighten the enforcement of oil sections on Iran Oil Sanctions on iran in light of the hamas attacks . Are there other avenues the organization the administration is considering to make it harder for terrorist organizations like hamas to access financing . Sec. Yellen we have not relaxed our sanctions on iranian oil. We have sanctions on hamas, on hezbollah. This is something we have been constantly looking at and using information that comes available to tighten sanctions. We will continue to do that. I dont have anything to anything new to announce. Just that these are areas we have long recognized are deserving of constant attention with respect to our sanctions. On that point, theres been a lot of attention on the 6 billion in iranian oil proceeds that have been unfrozen under specific terms. If the u. S. Government finds that iran was directly involved in the attack by hamas, would that money be referred or what is the outlook on those funds in particular Going Forward . Sec. Yellen these are funds sitting in qatar that were made available purely for humanitarian purposes and the funds have not been touched. I would not take anything off the table in terms of future possible actions. But i dont want to get ahead of where we are on that in the runup to what has happened now, there was a lot of discussion about a soft landing. We have heard from the imf and the world bank about global risks to the economy. Are you concerned there is not enough attention being paid to this . What are you seeing in terms of not just the impact on inflation . But also the impact on global stability through all of these crises . On your just the impact on inflation . Meeting with the chinese, you mentioned in your remarks, you are looking for cooperation from china. On debt issues and other structural issues. But with all the visit you have made and other u. S. Officials have made to china, we are not r structural issues. But with all the visit you have made and other u. S. Officials have made to china, we are not releasing any progress on the debt issue. Sec. Yellen starting with the soft landing, i see this as the base case for the United States. The socalled soft landing. Our labor market is very resilient and continues to inform very well. We have low unemployment and solid job creation. Wage pressures that could have been a concern. And so i continue to see as the base case the United States is doing well and on a good path, but are there risks . Of course there are. Global shocks are among them with long sided fallout from russias brutal attack of ukraine. The opposing costs on low income countries. Boosting oil and food prices. We are obviously through many different using tools trying to address that, and in israel the situation poses additional concerns. So im not saying that the soft landing is a sure thing. I do think it is the most likely path. You asked about my meeting with the pbo see governor. I think we are making meaningful progress and deepening our communications, establishing contact with respect to economic and financial concerns of both nations on a regular basis. We expect to have a good channel to discuss debt issues and all though progress has been slow. It is something we have long focused on and will continue to focus on. We have seen some meaningful progress in particular cases. China has come to the table, for example, in the case of debt relief for zambia. I am hopeful more progress can be made. And i do think going back to President Bidens meeting with president xis meeting in bali there was clear recognition that the World Economy the Global Economy depends on china and the United States working together to solve problems. This is something we both recognize is necessary and desirable, and certainly certainly, Climate Change is an area we need to Work Together to cooperate to address it. I would say the good for several years now has cochaired a g20 working group on sustainable finance. We have worked very constructively with representatives from the pbo see to advance a common agenda that relates to Climate Change, so i definitely see a potential growth to deepen our Work Together. And i am optimistic about that. Chris condon for the final question. Good, secretary yellen. Here in morocco you are making some important financial pledges. You mentioned aid to ukraine, increased support for the world bank and you are other countries are asking other countries to follow suit. But there are serious doubts about the Biden Administrations ability to get congress to back those pledges. And there is increasing political dysfunction in washington. How concerned are you that that dysfunction is undermining your credibility here . What are you hearing back from your counterparts . Are they concerned or anxious about what is happening in washington . Thank you. Sec. Yellen so what i would say about this is funding for ukraine, both military and economic support, direct budget support along with resources for israel are the absolute Top Priorities of the Biden Administration. We have made that completely clear to congress. And we believe there is substantial bipartisan support, so we are going to leave it to members of congress to figure out how to move forward on this once a speaker is in place, and i cannot tell you precisely what the timetable is for getting this done. I do believe this will happen, and it is an absolute top priority and commitment of the Biden Administration to get this done. We believe the support for doing this is there. The world bank, our supplementary funding requests also includes about 2. 25 billion resources that would go to the world bank. Part of it would take the form of loan guarantees. Would enable another 27 billion roughly of lending to address Global Challenges as well as some Additional Support for either from the lowest income countries, and we are asking other countries. I expect in the meetings i have this week i will reach out to other countries expect in the am to join us in providing concessional finance to the world bank, and we are receiving positive responses. Again, this is a very important property for the president , and i hope and believe it will be possible to get this done. Announcer cspan is your unfiltered view of government. We are funded by these Television Companies and more, including mediacom. At mediacom we believe whether you live here or right here or way out in the middle of anywhere, you should have access to fast, reliable internet. That is why we are leading the way. Announcer mediam supports csp as a Public Service along with these other television providers, giving you a front roseat to democracy. Announcer an upn how speaker elections. The hoe adjourned to friday with no further progress kevin mccarthy. Placement for republicans try again toind candidate supported by the the two declared candidatesof garnnough support. The congre voted 12481 two nominate j jordan or the pos but a subsequent bull indicated 55 republicans would not commit to supporting him when it come to a full house about. Members will meet next on monday at 6 00 p. M. Eastern time. Noer votes are currently scheduled. Watch the house to live on cspan, and a reminder, all o the story in the house even when yoaway from your television. Watch as coverage and live events on cspan now, our free mobile video app, available now wherever you get your apps. Announcer secretary of state on efforts to release captive so hamas. He was joined by the Prime Minister of qatar. Also discussed, gazans moving south ahead of a strike on citizens in the gaza strip