US Treasury Secretary Janet Yellen said on Tuesday that she consider the global outlook to be "quite favorable" but added that there are always risks, per Reuters.

"If the Israel-Gaza war were to expand into regional conflict, it would have risk for the global outlook," Yellen added and said that it's important for the G7 to work together to find a solution on Russian assets that is grounded in international law.

Market reaction

These comments failed to trigger a noticeable market reaction. At the time of press, the US Dollar Index was down 0.12% on the day at 103.65.