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Treasury Secretary Janet Yellen during the G20 finance ministers and central bankers meeting in Venice, on July 11. Photo: ANDREAS SOLARO/AFP via Getty Images

Treasury Secretary Janet Yellen on Sunday urged more rapid distribution of COVID-19 vaccines globally, warning that the virus' variants could hinder the worldwide economic recovery, per the New York Times.

The big picture: The comment, made following a meeting in Venice of the finance chiefs of the group of 20 nations, comes as some countries have eased restrictions aimed at curbing the virus.

What she's saying: “We are very concerned about the Delta variant and other variants that could emerge and threaten recovery,” Yellen said. “We are a connected global economy. What happens in any part of the world affects all other countries.”

Why it matters: The spread of the variant has somewhat dampened hopes for a rapid economic rebound.

  • The International Monetary Fund has said it still expects the economy to grow at the 6% rate it projected earlier this year, but warned that the variant is threatening growth to developing nations with less access to vaccines.

Go deeper

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: CDC says some immunocompromised people can get fourth COVID shot — FDA panel endorses Pfizer vaccines for 5-11 year olds — Moderna says vaccine shows strong immune response in kids
  2. Health: COVID cases, deaths at meat plants were far higher than previously thought — 96% of Tyson Foods employees vaccinated ahead of mandate deadline — U.S. releases updated vaccination, testing rules for foreign travelers
  3. Politics: Louisiana lifts mask mandate except for some schools — Alabama governor orders state agencies to fight federal vaccine mandate — Axios-Ipsos poll: Confidence in Biden COVID recovery tumbles
  4. Education: Benefits of vaccine for children outweigh risks, FDA says — Education secretary reveals limits to Biden’s mask push on states — LA extends deadline for school employee vaccinations.
  5. Variant tracker: Where different strains are spreading.

Yellen: Treasury will take "extraordinary measures" until Dec. 3 debt limit deadline

Janet Yellen. Photo: Samuel Corum/Bloomberg via Getty Images

Treasury Secretary Janet Yellen warned congressional leaders in a letter Monday that the Treasury will take "extraordinary measures" to manage its cash and not exceed the debt limit through Dec. 3, the earliest deadline for lawmakers to once again raise the debt limit or risk a default.

Driving the news: Congress last week averted a government default by raising the borrowing cap by $480 billion, after a protracted partisan battle.

China's economic growth slows

A worker assembles heavy truck engines in Hangzhou in eastern China's Zhejiang Province, on Monday. Photo: Long We/Costfoto/Barcroft Media via Getty Images

China's economy grew 4.9% in the third quarter of 2021 compared with a year earlier, the country's National Bureau of Statistics announced Monday.

Why it matters: The gross domestic product growth in the July-September period in the world’s second-largest economy marked the "weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter," Reuters notes.