U.S. Treasury Secretary Janet Yellen highlighted “considerable progress” made in curbing inflation during an interview with CNBC on Monday. Yellen emphasized the simultaneous achievement of inflation control and economic strength, framing it as good news for Americans.
Reflecting on the Biden administration’s economic strategies, Yellen said: “our job is to explain to Americans what President Biden has done to improve the economy.”
She expressed confidence that as inflation eases and the labor market stays strong, the public will recognize the progress that has been made.
Yellen highlighted recent legislation, including the Infrastructure bill, Chips and Science Act and Inflation Reduction Act.
These initiatives, she said, are catalysts for economic growth, especially in the heartland of America, which is poised to benefit from new job opportunities and technological advancements.
“We’ve had over $500 billion in manufacturing investments announced … in places that really need good jobs.”
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“It’s a critical priority for the president and critical to the national security of our country,” Yellen said of support for Ukraine and Israel.
She warned of the broader implications of the conflict in Ukraine.
“If Putin were to win this brutal war… next, we might see him attacking a NATO ally of ours.”
Reaffirming the U.S. position on China and Taiwan, Yellen said: “President Biden made clear that our China policy or Taiwan policy has not changed at all and that we want to see peaceful relations continue.”
U.S. Treasury yields were little moved following Yellen’s remarks, with the 10-year benchmark trading at a 4.46% yield. Both the iShares 20+ Year Treasury Bond ETF and the iShares U.S. Treasury Bond ETF GOVT were 0.1% lower at 10:15 a.m. in New York.
Illustration made using Shutterstock and Flickr images.
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