Higher rate of interest would benefit the nation, Treasury Secretary Yellen states

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Higher interest rates would be good for the country, Treasury Secretary Yellen says

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U.S. Treasury Secretary Janet Yellen speaks throughout a press conference, after going to the G7 financing ministers conference, at Winfield House in London, Britain June 5, 2021.

Justin Tallis | Rueters

U.S. Treasury Secretary Janet Yellen stated that President Joe Biden’s $4 trillion costs proposition would be favorable for the nation, even if it causes an increase in rate of interest.

During an interview with Bloomberg News, the previous Federal Reserve chair stated the president’s strategies would amount to about $400 billion each year — a level of costs she argued was inadequate to produce an inflation over-run.

“If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view,” Yellen informed Bloomberg.

“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” she stated. She included that if the bundles assist at all to “alleviate things then that’s not a bad thing — that’s a good thing.”

Read the complete Bloomberg report here.

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