Satellite images show Russian troops closing in on capital; EU leaders plan joint rearmament after Versailles summit; US and UK target Russian luxury goods
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06:09

U.S. Treasury Secretary Janet Yellen said on Friday that the U.S. economy remains strong despite sanctions threats from Russia over its invasion of Ukraine and inflation.

As the Fed is widely expected to raise U.S. interest rates next week in response to rising prices, Yellen also said that tightening monetary policy to fight inflation could lead to a recession, but she believes the Fed has the ability to make up for that.

Wall Street traders. Ellie Joseph/The Associated Press

Financial markets have endured a turbulent week as Western allies tighten sanctions on Russia, particularly in the oil and gas sector, raising the risk of a sharp rise in fuel prices for already stressed consumers.