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Janet Yellen on Budget & Economy
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Expects inflation will drop by late 2022
Q: When do you expect the inflation to get back to the 2 percent range, which is considered normal? YELLEN: Well, I expect that to happen next year. Monthly rates of inflation have already fallen substantially from the very high rates that we saw
in the spring and early summer. On a 12- month basis, the inflation rate will remain high into next year because of what's already happened. But I expect improvement by the middle to end of next year, second half of next year [2022].
Source: CNN SOTU 2021 interview of U.S. Treasury Secretary
, Oct 24, 2021
It is absolutely imperative that we raise the debt ceiling
It is absolutely imperative that we raise the debt ceiling. Debt's necessary, not to fund any new spending programs, but to pay the bills that result from Congress' past decisions. And the nation's credit rating would be in jeopardy as well.
U.S. treasuries are the world's safest possible asset. That would be at risk as well. And that really underpins the reserve status, currency status of the dollar. So, there is an enormous amount at stake.
Source: ABC This Week 2021 interview transcript
, Oct 10, 2021
Reestablish hedge fund oversight panel
[On financial reform goals]: "The pandemic showed that leverage of some hedge funds can amplify stresses, too," Yellen said. "This council used to have a hedge fund working group, and as of today we have one again.
We're establishing the working group so that we can better share data, identify risks and work to strengthen our financial system."
Source: CNBC on 2021 Biden Administration
, Mar 31, 2021
We could reach full employment by as soon as next year
With the passage of the American Rescue Plan, I believe Americans will emerge from the pandemic with the foundations of their lives intact. And that is an enormous economic and moral achievement for America. Indeed, we are now charting a very different
course out of this crisis compared to the one a decade ago. Rather than a long, slow recovery, I expect we could reach full employment by as soon as next year. Our Treasury team will be doing everything we can to accelerate the recovery.
Source: Treasury press release: 2021 Biden Administration
, Mar 10, 2021
Does not seek a weaker U.S. currency; let markets determine
She also that the value of the dollar should be determined by markets, a break from departing President Donald Trump's desire for a weaker
U.S. currency. "The United States does not seek a weaker currency to gain competitive advantage and we should oppose attempts by other countries to do so," she said.
Source: Reuters news service on 2021 Biden Cabinet
, Jan 19, 2021
First person to hold all three economic policymaking roles
If confirmed, Yellen would also be the first person in history -- and the first woman -- to have held the three most critical economic policymaking roles in the country: She was Fed chair from 2014 to 2018, chair of the White House Council of
Economic Advisers under President Bill Clinton's administration and, now, possibly Treasury secretary.
Source: 19th News e-zine on 2021 Cabinet Confirmation Hearings
, Jan 6, 2021
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