Squawk on the Street
Exclusive: Treasury Secretary Janet Yellen 9/26/24
Sep 26, 2024
Treasury Secretary Janet Yellen, a prominent figure in U.S. economic policy, shares her insights into banking risks and inflation dynamics. She discusses the critical role of Congress in managing deposit guarantees, particularly for accounts exceeding $250,000. Yellen evaluates economic indicators and expresses cautious optimism for a soft landing. The discussion also touches on the impact of pandemic-era decisions on inflation, U.S.-China relations, and the evolving landscape of digital currencies, highlighting the complexities of maintaining fiscal stability.
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Quick takeaways
- Treasury Secretary Janet Yellen emphasized the need for strong banking systems to manage risks from uninsured deposits and market stresses.
- Yellen highlighted the importance of balancing fiscal sustainability with investments in equitable growth while managing inflation and maintaining employment levels.
Deep dives
Stability in Financial Markets
The current stability of the banking system has become a focal point for discussions on financial markets, particularly regarding uninsured deposits and liquidity access. Treasury Secretary Janet Yellen emphasized the importance of ensuring a well-functioning financial system that can withstand market stresses, especially given past vulnerabilities demonstrated by rapid deposit runs. Efforts are being made to improve banks' access to the Fed’s discount window to help manage these risks effectively. Collaboration with regulatory bodies is essential to fortify the financial sector against potential disruptions.
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