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Janet Yellen has told Sky News the United States can “certainly” afford wars on two fronts, as the conflict between Israel and Hamas threatens stability in the Middle East and it continues to support Ukraine’s fight against Russia.
Talking exclusively to Wilfred Frost ahead of a meeting of finance minsters in Luxembourg, the US Treasury secretary said the economy and public finances were in good shape to ensure backing for US interests abroad.
She said it remained too early to understand the economic ramifications of the latest conflict, with oil and natural gas prices remaining volatile amid growing concerns of a wider war in the Middle East.
Those elements were key factors behind the energy-driven cost of living crisis that started facing Western economies last year.
Israel-Gaza latest: Hospital power running out ‘within 24 hours’
She pointed to a big easing in inflation but appealed for Republicans to fill the void left by the removal from office of House of Representatives speaker Kevin McCarthy, in order for greater financial support to flow.
“We do need to come up with funds, both for Israel and for Ukraine. This is a priority”, Ms Yellen said.
“It’s really up to the House to find, seat a speaker and to put us in a position where legislation can be passed.”
She added: “We stand with Israel. America has also made clear to Israel, we’re working very closely with the Israelis, that they have a right to defend themselves. But it’s important to try to spare innocent civilian lives to the maximum extent possible.”
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