US Treasury Secretary Janet Yellen said on Wednesday that the US will continue to impose severe consequences on Russian President Vladimir Putin and Russia over the invasion of Ukraine. Russia will increasingly become an economic island, she continued, saying that the US is prioritising sanctions on oligarchs key to Putin's power and assembling a task force with the Justice Department to "uncover, freeze and seize" their wealth. Yellen said that 80% of Russia's banking system assets were now under restrictions and half of the Russian central bank's assets had been immobilised by Monday.

Regarding the US economy, the pace of the US recovery has exceeded the most optimistic expectations based on traditional metrics and US household finances remain healthy, posing the economy for further growth.