Janet Yellen's confused dollar ... at a time when our main competitors have low interest rates and are not engaging in anything like the budget stimulus policies we are pursuing. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Treasury Secretary nominee Janet Yellen's unequivocal support for a pandemic rescue plan cuts both ways for investors, fueling optimism that the rally … Since Democrats won control of the Senate earlier this month, setting the stage for greater stimulus, the S&P 500 has climbed about 2 per cent, with particular strength in banks, small caps and other stocks expected to perform well in an improving economy. President-elect Joe Biden, right, listens as Janet Yellen, who Biden nominated to serve as Secretary of the Treasury, speaks at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. Yellen alluded to some of the market's longer term concerns in Tuesday's testimony, during which she urged lawmakers to boost spending now, and pay down debt later. Janet Yellen said she thinks "we need to look closely at how to encourage" legal crypto use cases, but illicit use should be curtailed. Janet Yellen spoke out about the "urgent need" for pandemic relief in an exclusive interview with ABC News' Robin Roberts on "Good Morning America" Thursday. (Bloomberg) -- Treasury Secretary Janet Yellen praised the European Central Bank for its “swift and decisive” response to the pandemic in a call with President Christine Lagarde that addressed ways to boost growth and jobs. Janet Yellen backs policies proposed by President Biden I cannot support. After President Donald Trump frequently called for a weaker dollar to boost US exports, Yellen on Tuesday addressed the Treasury's stance on the greenback, saying the value of the dollar … But she said it was also important that corporations and wealthy individuals paid their fair share. "It is important to remember that we are in a very low interest rate environment.". "Obviously, she feels the economy needs this assistance and it’s a question of convincing the Senate," said Peter Cardillo, chief market economist at Spartan Capital Securities. Other aspects of Biden's plan, such as increased taxes on corporations and the wealthy, have also received a mixed reception. It looks like the email address you entered is not valid. Yellen last week told her counterparts and central bank chiefs from the Group of Seven “the time to go big is now” with regard to further fiscal support. “As Treasury secretary, she does have a pretty progressive agenda that she is hoping to sell,” said Jack Ablin, chief investment officer at Cresset Capital Management. Win Thin, global head of currency strategy at BBH, said in a note that Yellen's currency commentary was part of an effort "meant to signal a broad shift in policy from the outgoing Trump administration.". "The long term fiscal trajectory is a cause for concern. As the head of the Fed and the vice chair before that, Yellen presided at the central bank over a period of low interest rates as the economy emerged from the financial crisis. Join our. Janet Yellen, who led the Federal Reserve from 2014 to 2018, would become the first woman to lead the US Treasury Department. “I do think she has to walk a fine line between presenting herself as a level-headed policy maker, but at the same time embrace President-elect Biden’s pretty sweeping fiscal plans.”. While the plan is expected to provide a critical boost for the coronavirus-hit economy, investors said the massive stimulus also could widen already huge deficits and drive up bond yields, while feeding a rally that some worry has already inflated bubbles in various assets. Bloomberg | Quint is a multiplatform, Indian business and financial news company. She enters the Treasury job after many years serving in other top economic jobs, including as the first woman to serve as … WASHINGTON -- Janet Yellen was sworn in Tuesday as the nation's 78th Treasury secretary and the first woman to hold the office. This service is not intended for persons residing in the EU. [62] In an interview with Marketplace , Yellen explained that she doubts that Trump could articulate the Federal Reserve's explicit goals of "maximum employment and price stability." But it is also important for America to invest," Yellen told the Senate. On February 25, 2019, Yellen criticized Trump's economic policies. In her Senate confirmation hearing on Tuesday, the former Federal Reserve chair urged lawmakers to "act big" on the next coronavirus relief package after President-elect Joe Biden last week outlined a US$1.9 trillion stimulus proposal as part of a domestic policy agenda heavy on government spending. An economist by training who was a professor at the University of California at Berkeley, Yellen will represent the Biden administration in global financial affairs and lead a sprawling department whose responsibilities cover overseeing IRS tax collections, making policy on banking regulations and serving as the administration’s contact with Wall Street. Former Fed Chair Janet Yellen told Congress Tuesday that if confirmed as the next Treasury Secretary, she would prioritize a “big” fiscal package to bridge the U.S. economy to a post-pandemic world. Janet Yellen, former chair of the U.S. Federal Reserve, speaks during a panel discussion in Singapore. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. https://www.sunsigns.org/famousbirthdays/d/profile/janet-yellen She seems too eager to raise taxes on the American people, her energy policies are job killers, and her willingness to unilaterally double the federal minimum wage with little regard for … Yellen, a widely respected labor economist, would blaze a new trail as the first woman to head the Treasury Department seven years after becoming the first to helm the Fed. "I believe they’ll pass it, we’ll see another big package and that’s a short-term positive but a long-term negative.". Copyright© Mediacorp 2021. (Photographer: Justin Chin/Bloomberg), Missing BloombergQuint's WhatsApp service? WASHINGTON — Janet L. Yellen’s expected nomination as Treasury secretary will place the former Federal Reserve chair into a critical … Yellen on Tuesday also stressed shared priorities including ending the pandemic, supporting the global recovery and “forcefully” addressing climate change, in addition to “deepening transatlantic cooperation” on issues of mutual interest, the Treasury said. In a move that could undermine any criticism of her as being too dovish on policy, she was at the Fed's helm when it made the controversial decision in December 2015 to lift rates from zero. Janet Yellen The US Senate has confirmed eminent economist Janet Yellen as the first woman Treasury Secretary of the United States. WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday that it is too soon to say whether new policies or regulations are needed to … Janet Yellen participates remotely in a Senate Finance Committee hearing on Jan. 19, ... it was an implicit endorsement of the disciplined economic policies necessary to achieve a … meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. The engagement highlights the Biden administration’s emphasis on economic recovery on both the international and domestic stages. Yellen “commended the ECB’s swift and decisive policy response to the pandemic and discussed policy tools to foster growth and job creation in both Europe and the United States,” in the call with Lagarde Tuesday, according to an emailed statement from the Treasury. Janet Yellen has been confirmed as President Joe Biden’s treasury secretary in an overwhelming Senate vote. Fed Chair Janet Yellen called on Congress to adopt policies that will promote investment, education and infrastructure spending. Yellen also said she agreed that President Donald Trump's 2017 corporate tax cut had improved the competitiveness of American businesses, and that Biden was not proposing to raising corporate taxes to the pre-2017 level. Mediacorp Pte Ltd. All rights reserved. As Treasury secretary, Yellen, 74, will occupy a pivotal role in shaping and directing Biden’s economic policies. Read More: Yellen Takes ‘Go Big’ Message to G-7 to Aid Global Recovery. "If nothing else, markets will no longer be subject to tweet-related volatility and that’s a good thing," he said. The night before Janet Yellen stepped down as Federal Reserve chair in February 2018, she shocked Wall Street by delivering a crushing blow to America's most messed-up bank. Yellen “commended the ECB’s swift and decisive policy response to the pandemic and discussed policy tools to foster growth and job creation in both Europe and the United States,” in the call with Lagarde Tuesday, according to an emailed statement from the Treasury. ... will occupy a pivotal role in shaping and directing Biden’s economic policies. NEW YORK: Treasury Secretary nominee Janet Yellen's unequivocal support for a pandemic rescue plan cuts both ways for investors, fuelling optimism that the rally in risk assets will continue while bolstering concerns over a massive runup in government debt. When asked if she believes Trump has "a grasp of economic policy", Yellen said "No, I do not." After President Donald Trump frequently called for a weaker dollar to boost US exports, Yellen on Tuesday addressed the Treasury's stance on the greenback, saying the value of the dollar and other currencies should be determined by markets and that the United States should oppose attempts by other countries to artificially manipulate currency values to gain trade advantage.

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