Tag Archives: Yellen

Billionaire investor Stanley Druckenmiller accuses Janet Yellen of making the ‘biggest blunder in Treasury history’ – Yahoo Finance

  1. Billionaire investor Stanley Druckenmiller accuses Janet Yellen of making the ‘biggest blunder in Treasury history’ Yahoo Finance
  2. Druckenmiller: Secretary Yellen made the worst mistake in Treasury history Seeking Alpha
  3. Janet Yellen Made ‘Biggest Blunder’ in Treasury History: Druckenmiller Markets Insider
  4. Stanley Druckenmiller slams Janet Yellen for ‘biggest blunder in Treasury history’: failing to lock in rock-bottom interest rates msnNOW
  5. Stanley Druckenmiller slams Janet Yellen for not locking in long-term rates, calls it ‘biggest blunder in Treasury history’ MarketWatch
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Billionaire investor Stanley Druckenmiller accuses Janet Yellen of making the ‘biggest blunder in Treasury history’ – Fortune

  1. Billionaire investor Stanley Druckenmiller accuses Janet Yellen of making the ‘biggest blunder in Treasury history’ Fortune
  2. Druckenmiller: Secretary Yellen made the worst mistake in Treasury history Seeking Alpha
  3. Janet Yellen Made ‘Biggest Blunder’ in Treasury History: Druckenmiller Markets Insider
  4. Stanley Druckenmiller slams Yellen for ‘biggest blunder in Treasury history’ MarketWatch
  5. Stanley Druckenmiller slams Janet Yellen for ‘biggest blunder in Treasury history’: failing to lock in rock-bottom interest rates msnNOW
  6. View Full Coverage on Google News

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Yellen Says She’s ‘Very Optimistic’ on Economy But Wary of Rates – Bloomberg

  1. Yellen Says She’s ‘Very Optimistic’ on Economy But Wary of Rates Bloomberg
  2. Treasury’s Yellen says US overdependent on China for critical supply chains Yahoo Finance
  3. US Treasury’s Yellen is ‘very optimistic’ about outlook for US economy Reuters
  4. Yellen Says Higher-for-Longer Scenario Is ‘By No Means a Given’ Financial Post
  5. Janet Yellen says AI’s ‘unbelievably rapid’ development could ‘make a significant difference’ in boosting the economy—but she wants to be careful Fortune
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‘A natural way to diversify’: Janet Yellen now says Americans should expect a decline in the USD as the world’s reserve currency — what’s really going on and how can you prepare? – Yahoo Finance

  1. ‘A natural way to diversify’: Janet Yellen now says Americans should expect a decline in the USD as the world’s reserve currency — what’s really going on and how can you prepare? Yahoo Finance
  2. American Sanctions Are Pushing Countries To Consider Alternatives To US Dollar: Treasury Secretary Janet Yellen The Daily Hodl
  3. Yellen warns against decoupling, but US containment strategy still intact: experts Global Times
  4. Janet Yellen: expect a slow decline in US dollar dominance UnHerd
  5. Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Financial Services, U.S. House of Representatives Forex Factory
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Janet Yellen Drops Bombshell on Silicon Valley Bank Bailout Scandal: Fed Can’t ‘Discriminate’ Against Chinese Investors – msnNOW

  1. Janet Yellen Drops Bombshell on Silicon Valley Bank Bailout Scandal: Fed Can’t ‘Discriminate’ Against Chinese Investors msnNOW
  2. Yellen says banking system ‘is sound’ amid concerns that collapses could be contagious WKRC TV Cincinnati
  3. SVB collapse: Janet Yellen under fire from GOP over dangers facing small banks Washington Examiner
  4. Yellen says uninsured deposits may be at risk in future bank failures. Here’s how FDIC coverage works CNBC
  5. What Yellen told Congress means big trouble for your wallet in 3 key areas Fox Business
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LIVE: Treasury Secretary Yellen testifies before the Senate on the 2024 fiscal year budget — 3/16/23 – CNBC Television

  1. LIVE: Treasury Secretary Yellen testifies before the Senate on the 2024 fiscal year budget — 3/16/23 CNBC Television
  2. Treasury Secretary Yellen to tell Congress ‘our banking system remains sound’ Yahoo Finance
  3. Yellen Says U.S. Banking System ‘Remains Sound’ Amid Market Turmoil The New York Times
  4. Bank Crisis: Yellen Speaks To Senate; First Republic Bank Ponders Sale| Investor’s Business Daily Investor’s Business Daily
  5. Watch live: Treasury Secretary Janet Yellen testifies on Biden’s 2024 budget proposal The Hill
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U.S. Treasury’s Yellen says IRS needs to be ‘completely redone’

By Andrea Shalal

LUSAKA, Zambia (Reuters) – U.S. Treasury Secretary Janet Yellen on Sunday said rebuilding the Internal Revenue Service would be one of her top priorities in coming years, putting her squarely at odds with Republicans who have taken control of the House of Representatives.

Yellen told Reuters in an interview on her way to Zambia that she was thrilled that Congress had approved $80 billion in new funding to help the agency reduce a huge backlog of tax returns and better hunt down $600 billion in unpaid tax bills.

She said she decided to stay on as Treasury secretary in large part to oversee implementation of legislation like the Inflation Reduction Act, which included the IRS funding and passed on party lines last year.

Yellen lobbied hard for the extra funding to help the IRS deal with what she called massive problems, including a “huge backlog” in working through tax returns, and lack of personnel to carry out complicated audits of higher-earning taxpayers.

“I’m excited about legislation that’s passed and I want to make sure that it makes the difference it should make, and that includes the IRS,” she said. “That agency needs to be completely redone, and it’s a big task.”

Republicans sought unsuccessfully to slash tens of billions in IRS funding from the law.

The law also includes about $270 billion in tax credits for electric vehicles, home solar panels and other climate purchases that will be overseen by Treasury, which has made Yellen a pivotal climate figure in President Joe Biden’s administration.

“I want to see that work progress. Maybe it’s not the sexiest kind of stuff in the world, but I think if you want to make a difference in the world, you have to have the follow-through,” she said.

Yellen, 76, conceded that the split Congress reduced the chances of passing legislation to advance Biden’s agenda, but said she still enjoyed the job.

Her decision to stay ended months of speculation that she would step aside mid-way through Biden’s four-year term.

“This is probably the last job I’ll have,” Yellen said. I’d much rather be doing this than sitting at home knitting sweaters, or whatever it is one does when one’s retired.”

And yes, she learned to knit in college, and even knit a “lovely tennis sweater” for her husband, Nobel Prize-winning economist George Akerlof.

One thing she is not looking forward to? Asked about the debate with Congress over raising the debt ceiling, Yellen simply puts her hand to her forehead and sighs.

(Reporting by Andrea Shalal; Editing by Chris Reese)

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Door of No Return: Yellen visits onetime slave-trading post

GOREE ISLAND, Senegal (AP) — U.S. Treasury Secretary Janet Yellen paid a solemn visit Saturday to the salmon-colored house on an island off Senegal that is one of the most recognized symbols of the horrors of the Atlantic slave trade that trapped tens of millions of Africans in bondage for generations.

Yellen, in Senegal as part of a 10-day trip aimed at rebuilding economic relationships between the U.S. and Africa, stood in the Gorée Island building known as the House of Slaves and peered out of the “Door of No Return,” from which enslaved people were shipped across the Atlantic.

She was guided on a tour through various corridors and tight quarters in the house, shaking her head in disgust at what she was told about the economics of how slaves were valued.

“Gorée and the trans-Atlantic slave trade are not just a part of African history. They are a part of American history as well,” Yellen said later in brief remarks during her visit.

“We know that the tragedy did not stop with the generation of humans taken from here,” she added. “Even after slavery was abolished, Black Americans — many of whom can trace their descendance through ports like this across Africa — were denied the rights and freedoms promised to them under our Constitution.”

Later, in an interview with The Associated Press, Yellen said that while promoting diversity and racial equality is a key goal, “the administration has not embraced reparations as part of the answer.”

The economic benefits that major slave-trading nations, including the United States, reaped for hundreds of years on the backs of unpaid labor could amount to tens of trillions of dollars, according to research on the commerce.

And in the U.S., African slaves and their children contributed to the building of the nation’s most storied institutions, including the White House and Capitol, according to the White House Historical Association.

Yellen acknowledged the ongoing ramifications of that brutal past in her public remarks.

“In both Africa and the United States, even as we have made tremendous strides, we are still living with the brutal consequences of the trans-Atlantic slave trade,” she said.

In a guest book at the house, she wrote that it served as “an important reminder that the histories of Africa and America are intimately connected. While I am pained by its past, I am also heartened by the vibrant community I have seen here. I take from this place the importance of redoubling our commitment to fight for our shared principles and values of freedom and human rights wherever they are threatened — in Africa, in the United States, and around the world.”

Yellen’s trip to the island is one that many dignitaries have made, including former Presidents Barack Obama and Bill Clinton and South Africa’s Nelson Mandela. Today, Gorée Island is designated as a UNESCO World Heritage Site.

Yellen’s stop there during a trip meant to revitalize U.S.-African economic relations is one that evoked the massive costs of the slave trade. There has been a resurgence in interest in determining the true cost of slavery on the generations impacted.

The House Financial Services Committee in recent years has studied how U.S. banks and insurance companies profited from the practice of slavery before it was outlawed in 1865. There have also been hearings on the study and development of reparations proposals in the United States.

In the AP interview, Yellen said the administration was “working in many ways in communities of color and low-income communities to try to bring more capital to advance lending and other things,” she said. “It’s a critically important goal.”

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Yellen warns of ‘global financial crisis’ if US debt limit agreement isn’t reached



CNN
 — 

Treasury Secretary Janet Yellen on Friday warned of the widespread global effects that could be felt if the federal government exhausts extraordinary measures and fails to raise the debt ceiling, telling CNN’s Christiane Amanpour about the ways everyday Americans could face stark consequences.

Yellen’s warning comes after the United States on Thursday hit its $31.4 trillion debt limit set by Congress, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills.

While those newly deployed extraordinary measures are largely behind-the-scenes accounting maneuvers, Yellen told Amanpour that “the actual date at which we would no longer be able to use these measures is quite uncertain, but it could conceivably come as early as early June.”

Speaking exclusively to CNN from Senegal, Yellen said that after the measures are exhausted, the US could experience at a minimum downgrading of its debt as a result of Congress failing to raise the debt ceiling. The effects of the federal government failing to make payments, she argued, could be as broad as a “global financial crisis.”

“If that happened, our borrowing costs would increase and every American would see that their borrowing costs would increase as well,” Yellen said. “On top of that, a failure to make payments that are due, whether it’s the bondholders or to Social Security recipients or to our military, would undoubtedly cause a recession in the US economy and could cause a global financial crisis.”

“It would certainly undermine the role of the dollar as a reserve currency that is used in transactions all over the world. And Americans – many people would lose their jobs and certainly their borrowing costs would rise,” she continued.

Yellen wrote a letter to House Speaker Kevin McCarthy on Thursday explaining the measures being taken, escalating pressure on Capitol Hill to avoid a catastrophic default.

Hardline Republicans have demanded that lifting the borrowing cap be tied to spending reductions. The White House has countered by saying that it will not offer any concessions or negotiate on raising the debt ceiling. And so far, Yellen’s warnings have failed to spark bipartisan discussion, with both Republicans and Democrats reaffirming their rigid positions over the past week.

As part of the debt issuance suspension period using extraordinary measures, the agency intends to sell existing investments and suspend reinvestments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. Also, it will suspend the reinvestment of a government securities fund of the Federal Employees Retirement System Thrift Savings Plan.

No federal retirees or employees will be affected, and the funds will be made whole once the impasse ends, Yellen said in the letter.

“I respectfully urge Congress to act promptly to protect the full faith and credit of the United States,” she wrote.

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Treasury Secretary Yellen predicts major inflation cooldown in 2023


New York
CNN
 — 

Treasury Secretary Janet Yellen is striking a cautiously optimistic tone about 2023, predicting a major inflation cooldown and stressing that a recession isn’t required to get prices back under control.

“I believe by the end of next year you will see much lower inflation, if there’s not an unanticipated shock,” Yellen told CBS’s “60 Minutes” in an interview that aired on Sunday.

Yellen cited plunging gas prices — AAA said Monday the national average is down by 52 cents per gallon in the past month — tumbling shipping costs and shortening delivery lags.

“I hope that it will be short-lived,” Yellen said of the current period of high inflation. “We learned a lot of lessons from the high inflation we experienced in the 1970s. And we’re all aware that it’s critically important that inflation be brought under control and not become endemic to our economy. And we’re making sure that won’t happen.”

Yellen, like many economists and even the Federal Reserve, has previously been overly optimistic about inflation. She admitted earlier this year that she was “wrong” about the path of inflation, telling CNN’s Wolf Blitzer in June that she “didn’t — at the time — fully understand” the “large shocks to the economy” that would come from Russia’s war in Ukraine.

The comments come after Friday’s hotter-than-expected wholesale inflation report, which showed producer prices increased in November at the slowest annual pace in 18 months.

The more closely watched consumer inflation report due out on Tuesday this week is expected to show a similar cooldown of consumer prices.

The Federal Reserve is widely expected to deliver a seventh-straight interest rate hike on Wednesday, though investors are betting the US central bank will slow the pace of rate increases from three-quarters of a point to half a point. The Fed’s aggressive rate hikes have driven up borrowing costs — credit card rates are at record highs — and raised fears of a recession.

Yellen conceded a recession is possible in the months ahead — though the former Fed chair emphasized that one isn’t required to tame inflation.

“There’s a risk of a recession,” Yellen said. “But it certainly isn’t, in my view, something that is necessary to bring inflation down.”

Like other Biden administration officials, Yellen argued the economy is in the midst of a healthy transition from blockbuster growth to something more sustainable.

“We had a very rapid recovery from the pandemic. Economic growth was very high,” Yellen said. “To bring inflation down and because almost anyone who wants a job has a job, growth has to slow.”

Yellen said the US economy is at or near full employment, meaning it’s “not necessary” for rapid growth to get people back to work.

The Treasury secretary said she tries to instill a sense of compassion and urgency into policymaking by stressing to her staff that real people are suffering.

Yellen recalled how in 2009 when millions of people were out of work in the middle of the Great Recession, she reminded her staff at the San Francisco Federal Reserve, where she was president from 2004-2010, that there are real people behind labor market statistics and economists need to worry about their wellbeing.

“I think I said, ‘They’re f***people,’” Yellen said. “I wanted people that worked for me to take seriously the harm and misery that was being experienced by all too many Americans.”

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