By Reuters Staff
3 Min Read
WASHINGTON, Jan 19 (Reuters) - Janet Yellen, U.S. President-elect Joe Biden’s nominee for Treasury Secretary, will urge lawmakers on Tuesday to “act big” on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.
In prepared testimony at her confirmation hearing, Yellen said her task as Treasury chief will be to help Americans endure the final months of the coronavirus pandemic, and rebuilding the U.S. economy “so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy.”
There is growing angst among investors over financial market price bubbles, and top of the list of concerns were the cryptocurrency bitcoin and U.S. tech stocks, two closely followed surveys showed on Tuesday.
Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, urged lawmakers on Tuesday to "act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.
By Reuters Staff
1 Min Read
LONDON (Reuters) - Nearly 90% of respondents in Deutsche Bank’s monthly investor survey said financial markets now had a number of price bubbles, with cryptocurrency Bitcoin and U.S. tech stocks top of the list.
When asked specifically about the 12-month fate of Bitcoin which surged 300% last year, and electric vehicle maker Tesla which soared nearly 750%, a majority of respondents said they were now more likely to halve than double in value.
The study also showed that 71% of the 627 market professionals surveyed did not think the U.S. Federal Reserve would start tapering dialling down its stimulus before the end of the year.
The Fed’s policy to keep a lid on Treasury yields, to boost job creation and the economy, will weigh on the value of the US dollar because investors will rationally look for better returns elsewhere, notably China.