US Treasury Secretary Janet Yellen stated on Monday that "it is too early to speculate on the economic repercussions of the Israeli-Palestinian conflict," adding that "the impact of this conflict will depend on whether it expands in the region." In an interview with Sky News, Yellen said, "It is too early to predict if there will be significant consequences." She continued, "I think the most important factor depends on whether the hostilities extend beyond Israel and Gaza, which is certainly an outcome we would like to avoid."
Yellen also mentioned that there has been "some increase" in oil prices since the start of the Israel-Gaza war, but stressed that it is "too early to speculate" on the risk of a global recession.
On another note, she stated that support for Ukraine represents a "top priority" for the United States and Europe, describing it as "essential to support Ukraine's military efforts in the face of Russian aggression." In her remarks during her third meeting with Eurogroup finance ministers, she emphasized that the Biden administration is committed to supporting Ukraine "for as long as it takes," and will do its utmost to ensure bipartisan support in the US Congress for sending "strong" and ongoing assistance to war-torn Ukraine. She concluded, "We cannot let Ukraine lose the war for economic reasons, given its demonstrated ability to succeed on the battlefield."
