Treasury Secretary Janet Yellen said Friday that despite the strong job gains last month, Congress still needs to “go big” by passing President Joe Biden’s $1.9 trillion relief package to get millions of people back to work sooner.
At that pace it would still take the country more than two years to get back to full employment, she said. But with the administration’s package, she said the country could see a return to full employment by next year.
Moreover, the higher long-term Treasury debt yields were a sign market participants were anticipating a stronger recovery, not of increased inflation concerns.
“I don’t see that the markets are expecting inflation to rise above the 2% inflation objective that the Fed has as an average inflation rate over the longer run,” Yellen said in a PBS Newshour interview.
She added the United States needs faster job growth than seen during February, but can reach full employment by next year with President Joe Biden’s $1.9 trillion stimulus plan in place.
Reference: CNBC, Reuters
Thai
Eng