US Treasury Sec. Yellen: Americans earning $60,000 should get stimulus checks
|US Treasury Secretary Janet Yellen appeared for CNN’s “State of the Union” during Sunday where she rekindled the need of US President Joe Biden’s $1.9 trillion stimulus.
“President (Joe) Biden is certainly willing to work with members of Congress to define what’s fair and he wouldn’t want to see a household making over $300,000 receive these payments,” said the ex-Fed Chair.
Asked about the risk of over-stimulating the economy and generating inflation, Yellen said: “We have good tools to deal with that risk if it materializes,” per Reuters.
Additional key comments…
I'm afraid the job market is stalling.
US job market `in a deep hole.
Spending fueled by Biden plan will create labor demand.
Core market `plumbing' worked well during recent days.
Details still being worked out on stimulus caps.
There’s absolutely no reason why we should suffer through a long slow recovery.
I would expect that if this package is passed that we would get back to full employment next year.
Market implications
While her comments are mostly repeating the Biden administration’s push towards more stimulus and favoring the mood, the outlook over the US employment seems to weigh on the risks. The same could be seen in the week-start drop of AUD/USD from 0.7669 to 0.7659.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.