U.S. Treasury Secretary: Interest rate hikes are good for society and the Fed

According to Golden 10 news, U.S. Treasury Secretary Yellen said she would not abandon President Biden’s $4 trillion spending plan even if inflation rises. She believes that the Biden spending plan is good for the United States, even if it may lead to rising inflation and eventually lead to interest rate hikes. Yellen said, “If we end up with a slightly higher level of interest rates, that’s actually good for (U.S.) society and for the Fed. We’ve been fighting low inflation and interest rates for the past decade, and we want to get back to a normal interest rate environment. If this helps alleviate some of that, then it’s not a bad thing, it’s a good thing.” She believes the current price increase is driven by a “temporary anomaly” caused by the new coronavirus pandemic.