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Treasury Secretary Janet Yellen Claims Economy Remains Strong
Summary: Treasury Secretary Janet Yellen said the U.S. economy remains strong, despite the fact it shrank at an annualized rate of 1.4% in the first quarter, and amid speculation of inflation being too high. Yellen spoke to the Wall Street Journal’s editor-in-chief, Matt Murray, via video call at the publication’s CEO Council Summit in London on ...
Treasury Secretary Janet Yellen said the U.S. economy remains strong, despite the fact it shrank at an annualized rate of 1.4% in the first quarter, and amid speculation of inflation being too high. Yellen spoke to the Wall Street Journal’s editor-in-chief, Matt Murray, via video call at the publication’s CEO Council Summit in London on Wednesday.
Yellen cites the war in Ukraine could continue to harm the European economy which would then spill over across the pond and into the U.S. In addition, the European Union’s (EU) potential embargo on imported Russian oil could drive global energy even higher. In short, the EU proposed a ban on Russian oil within six months and on refined oil products by the end of the year.
The former fifth chair of the Federal Reserve also noted that financial regulators are watching nonbank sectors, including money markets and hedge funds. While she doesn’t see the same dangers that led up to the financial crash and crisis of 2008, she can’t be certain where the future lies.
Lastly, she added that Congress could still approve elements of the global minimum tax deal, and expects the EU to do that same this spring. The global minimum tax deal is an international tax policy designed to set a worldwide 15% minimum effective tax rate on corporate profits in an effort to cut down on corporations finding rates lower than that 15% tax rate.
Author: Tyler Irvin
Tags: Janet Yellen
Link: Treasury Secretary Janet Yellen Claims Economy Remains Strong [Copy]
