Treasury Secretary Yellen says US will hit its debt limit by October 18

US Treasury Secretary Janet Yellen has sent Congress a letter saying that the US will likely exhaust its extraordinary measures to prevent hitting the debt limit by October 18. Lawmakers may either suspend or raise the cap on overall debt. 

Yellen is testifying in Congress alongside her Federal Reserve Chair Jerome Powell, who inherited her at the helm of the central bank. While the topic of their testimony is the CARES act, questions about fiscal expenditure, inflation and the state of the economy will grab attention.

The US dollar is on the rise amid concerns about the energy crisis causing outages in China, fuel shortages in the UK and soaring energy prices in Europe.