Treasury Department

The U.S. currency has surged sharply against its major peers since Trump's election on speculation that his tax-cut and tariff plans would fan inflation pressures.

Bessent, who joined Trump at the Oval Office, said the fund would be created in the next 12 months, calling it an issue "of great strategic importance."

The final vote was 68-29 in favor of Senate the confirmation of the billionaire hedge fund manager.

The attackers also hacked the computers of two of Yellen's lieutenants, Deputy Secretary Wally Adeyemo and Acting Under Secretary Brad Smith.

Fed policymakers, in their new projections for their benchmark rate, have a median estimate of 3.4% for the end of next year — reflecting a potential further 1.5 percentage points.

As corporate treasurers use the debt reorganization technique to head off disruptive defaults and bankruptcies, lenders seek more blockers and cooperation agreements to mitigate risks.

The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.

Adeyemo said China has made "a set of different decisions" and now presents "a headwind — not just to the US economy, but to the global economy." He said the US is "better prepared to deal with that than any other economy in the world.

A report from the Treasury Department's Federal Insurance Office urges state regulators to spruce up their toolkits for monitoring and mitigating the impact of climate change on homeowners insurance.

The impasse increases the likelihood the House and Senate both vote on any deal next week, mere hours before June 1 the date by which the US could run out of cash to pay its bills.