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US Treasury Secretary Janet Yellen Speaks on the US Economy and Interest Rates

Author: Content Editor
In a recent interview with CNBC, US Treasury Secretary Janet Yellen discussed various economic topics, including inflation, interest rates, fiscal policy, and government spending. Yellen acknowledged that pandemic-related spending may have contributed to inflation, but she stated that the underlying cause was supply shortages. She expressed concern about the lack of progress in combating inflation and emphasized the importance of addressing the issue. Yellen also mentioned that while the labor market has cooled off slightly, it is still in good shape. She noted that interest rates may be higher than previously expected and highlighted the normalization of the term premium on long-term interest rates as a positive sign. Yellen called for sustainable development through fiscal policy and expressed disappointment in the lack of cooperation between the administration and Congress on deficit reduction measures. She acknowledged the challenges of implementing significant budget cuts to essential programs.

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