U.S. Treasury Secretary Yellen pressured Congress to avoid defaulting on the U.S. federal government’s debt. She warned that unless Congress suspends or raises the federal debt ceiling, the Treasury Department will run out of cash around October 18. “If Congress does not take action to raise or suspend the debt ceiling by October 18, the Treasury Department is likely to use special measures,” Yellen said in a letter to congressional leaders on Tuesday. She also stated at the Senate hearing on Tuesday that if the debt ceiling issue is not resolved, it will have "catastrophic" consequences, including a "financial crisis" and economic recession.

The United States’ failure to raise the federal government’s debt ceiling will damage the US dollar’s status, but it is still far away for the renminbi to challenge the US dollar’s status as a global reserve currency. This is the view of US Treasury Secretary Janet Yellen. She told lawmakers on Tuesday that in times of economic turmoil, defaults related to the debt ceiling would undermine the U.S. dollar's status as an "absolutely safe" asset.

US consumer confidence fell for the third consecutive month in September, affected by concerns about delta strains and rising prices. According to a report from the World Large Corporations Research Council on Tuesday, the consumer confidence index fell to 109.3 in September from 115.2 revised in August. Economists surveyed by Bloomberg had expected 115.0.

U.S. residential prices soared 19.7% in July, the largest increase in more than 30 years. In June, the S&P CoreLogic Case-Schiller National House Price Index rose by 18.7%, and July was the 14th consecutive month that the index accelerated.

European Central Bank President Lagarde said that the European Central Bank should be wary of withdrawing stimulus measures too quickly when inflation may only be “temporary” soaring. Speaking at an important meeting of the European Central Bank, Lagarde said, "There is no sign that rising inflation is becoming widespread throughout the economy." "The key challenge is to ensure that we don't overdo it with temporary supply shocks that have no impact in the medium term. In response, we must also cultivate positive demand forces that may continue to push the inflation rate to the 2% target."

As leaders of various countries are preparing to avoid catastrophic climate change, OPEC predicts that the momentum of global oil demand growth will continue into the middle of the next decade. OPEC predicts in its latest long-term report that by 2023, global fuel consumption will fully return to the level before the epidemic and continue to grow, and will reach a stable level soon after 2035. This prediction shows that OPEC does not believe that the UN Climate Change Conference in Scotland in four weeks will lead to a rapid shift in energy consumption from fossil fuels.

Due to severe weather and shipping problems hindering supply, cotton futures prices exceeded the $1 per pound mark for the first time in nearly a decade, and global clothing costs have risen. In the New York market, cotton futures for December delivery climbed to $1.00 per pound, the highest level since November 2011. Due to strong demand, especially from China, coupled with supply disruptions caused by the epidemic and high logistics costs, cotton prices have soared 28% this year.

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