The U.S. Senate on Wednesday confirmed Jack Lew as President Barack Obama's new Treasury secretary. He was approved by a vote of 71-26. All 53 Democrats were on board. Lew will be challenged with negotiations to the end the debt ceiling crisis and reach a deal to prevent sequestration cuts.
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Political News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.