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Janet Helen. The old horse does not spoil the furrow

DATE OF PUBLICATION: 2021-01-20 10: 13: 07A special feature of Tuesday’s trading in the United States was the former head of the Federal Reserve System and the new US Treasury Secretary Janet Yellen, speaking before the Senate Finance Committee. As predicted, she took a “grand” approach to US government programs to repair the economic damage caused by the pandemic. Gold and silver markets approached their daily highs as Yellen’s lines hit the news feed. Last week, President Biden announced a $ 1.9 trillion government spending and aid plan. When asked about the US dollar and market exchange rate if confirmed by the Senate, Yellen replied that “The US is not looking for a weaker currency to receive competitive advantage, and we must resist attempts by other countries to do so. ”These comments came as no surprise as markets expected Yellen to highlight this topic in her speech.“ I believe in market-driven exchange rates. The value of currencies should be determined by the markets, ”Yellen explained. She also noted that she will work with President-elect Joe Biden and will oppose other countries that try to gain an advantage in trading through currency manipulation. Adding that targeting exchange rates for commercial benefits is unacceptable. “I believe in a strong US economy that creates jobs for Americans. The stability of the US financial system is good for America, “Yellen said. If confirmed, Yellen will replace Treasury Secretary Steven Mnuchin and become the first female Treasury secretary in US history. Yellen also warned that there is a risk to the economy if the government does nothing, noting that it is better now to “go big.” “Without further action, we risk dragging out a recession now – and causing long-term damage to the economy later,” she said. – Neither the President-elect nor I offer this aid package without taking into account the country’s debt burden. But right now, with interest rates at historically low levels, the smartest thing we can do is go big. ”“ Getting people back to work is our first challenge, ”Yellen said. The second challenge is to restore the economy to greater prosperity. The world’s stock markets have largely been up. US stock indices are also growing. Traders and investors are optimistic after a three-day holiday weekend, but are cautious about the transition of power in the United States. Material provided by InstaForex – Source – InstaForex

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