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

2 weeks ago 16

U.S. Treasury Secretary Janet Yellen speaks during a quality conference, aft attending the G7 concern ministers meeting, astatine Winfield House successful London, Britain June 5, 2021.

Justin Tallis | Rueters

U.S. Treasury Secretary Janet Yellen said that President Joe Biden's $4 trillion spending connection would beryllium affirmative for the country, adjacent if it leads to a emergence successful involvement rates.

During an interrogation with Bloomberg News, the erstwhile Federal Reserve chair said the president's plans would full astir $400 cardinal each twelvemonth — a level of spending she argued was not capable to make an ostentation over-run.

"If we ended up with a somewhat higher involvement complaint situation it would really beryllium a positive for society's constituent of presumption and the Fed's constituent of view," Yellen told Bloomberg.

"We've been warring ostentation that's excessively debased and involvement rates that are excessively debased present for a decade," she said. She added that if the packages assistance astatine each to "alleviate things past that's not a atrocious happening — that's a bully thing."

Read the afloat Bloomberg study here.