US Dollar: Yellen: Unlikely Interest Rates Return to Pre-Pandemic Lows
US Treasury Secretary Janet Yellen said in a Speech, Inflation in the US is not smooth, it will be difficult to come at pre-pandemic lows, This year we expect the inflation down to our target but not immediate transition. US President Joe Biden properly budget on US Economy, he was focussing more on US EV Industry running on Chinese Battery parts, if tax increased to China then it will affect our US EV Industry. So Tariffs rising plan is properly managed by US over China.
USDJPY is moving in Ascending Triangle and market has fallen from the resistance area of the pattern
US Treasury Sec. Janet Yellen doubts US interest rates will revert to pre-COVID levels.
Key Quotes:
– Yellen: Biden’s budget plan’s interest rate assumptions align with various forecasts.
– US prioritizing domestic electric vehicle industry amid Chinese competition.
– Tax credit rules aim to limit Chinese battery content in US-produced EVs.
– Yellen affirms Biden’s commitment to supporting the US EV industry against Chinese competition, suggesting potential for more tariffs.
US Dollar: Yellen Warns of Bumpy Inflation Decline
US Treasury Secretary Janet Yellen said in a Speech, Inflation in the US is not smooth, it will be difficult to come at pre-pandemic lows, This year we expect the inflation down to our target but not immediate transition. US President Joe Biden properly budget on US Economy, he was focussing more on US EV Industry running on Chinese Battery parts, if tax increased to China then it will affect our US EV Industry. So Tariffs rising plan is properly managed by US over China.
EXCLUSIVE: Yellen: Bumpy Inflation Return Expected
Treasury Secretary Janet Yellen cautioned Wednesday that the journey back to normal for inflation could be turbulent following consecutive reports indicating a rebound in price pressures within the US economy.
In an interview with FOX Business’ Edward Lawrence, Yellen countered stagflation concerns, asserting that progress on inflation remains ongoing.
USDJPY is moving in Ascending Triangle and market has reached resistance area of the pattern
I wouldn’t expect a smooth path month to month, but the trend is clearly favorable, she remarked. Nevertheless, President Biden’s primary focus is addressing the high costs that worry many Americans.
While inflation has receded significantly from its peak of 9.1% in June 2022, it still exceeds the Federal Reserve’s 2% target. Compared to January 2021, just before the onset of the inflation crisis, prices have surged by a staggering 18.49%.
Persistent high inflation has exerted significant financial strain on most US households, particularly impacting low-income individuals who struggle with escalating costs for essentials such as food and housing.
Despite progress, inflation has plateaued since June, with the consumer price index remaining at or above 3% for the past nine months, sparking concerns about potential stagflation. However, Yellen dismissed such worries.
I don’t foresee stagflation, she stated. Most forecasters anticipate a gradual decline in inflation over time.
Yellen also predicted a decline in rental housing costs, a major driver of inflation in recent months, as tenants secure leases at lower rates.
I anticipate that the largest contributor to inflation will decrease over the course of this year, she concluded.
US Dollar: Yellen: Rates Unlikely to Return to Pre-COVID Levels
US Treasury Secretary Janet Yellen said in a Speech, Inflation in the US is not smooth, it will be difficult to come at pre-pandemic lows, This year we expect the inflation down to our target but not immediate transition. US President Joe Biden properly budget on US Economy, he was focussing more on US EV Industry running on Chinese Battery parts, if tax increased to China then it will affect our US EV Industry. So Tariffs rising plan is properly managed by US over China.
Yellen: Unlikely Interest Rates Return to Pre-COVID Levels
US Treasury Secretary Janet Yellen expressed doubt that market interest rates would revert to pre-COVID levels amid inflation and higher yields triggered by the pandemic. Yellen stated that recent White House projections align with private sector forecasts, indicating a persistent rise in rates.
USDJPY has broken Ascending channel in downside
The Treasury chief emphasized the importance of reasonable assumptions in the budget and hinted at a shift in her own views on the matter. The new projections, part of President Biden’s budget proposal, anticipate higher average rates on Treasury bills and notes over the next three years. Yellen made these remarks during a visit to Kentucky to promote the Biden administration’s economic policies ahead of the 2024 elections.
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