"Russia's going to face an insurance and financial services ban. ... Why should they retaliate for an initiative that enables their oil to continue to flow through to world markets at a price that is profitable?"

In a speech in South Korea, U.S. Treasury Secretary Janet Yellen singled out China that the U.S. and others should be less reliant on.

U.S. Treasury does not designate any trading partners as manipulators but will work with Switzerland to address FX disparities.

The goal is to make the tariffs more strategic, but reducing tariffs on imports might also help with inflation.

She points to slowing growth in the core inflation rate as indicating that price hikes are moderating. Still, in this geopolitical climate, "we can't rule out further shocks."

While Treasury Secretary Yellen expects businesses to back the push for a global minimum tax, the U.S. Chamber of Commerce worries some still-ambiguous elements may disadvantage U.S. businesses.

The Fed seems to be rethinking whether inflation is "transitory." This may also suggest sooner-than-expected interest rate increases are in the works next year.

Secretary Yellen says that next month the U.S. Treasury Department will probably exhaust its options for avoiding payments default, unless the debt ceiling is increased or removed.