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US treasury secretary Janet Yellen said interest rates may have to rise modestly to prevent the American economy from overheating due to higher levels of government spending. It may be that interest rates will have to rise somewhat to make sure our economy doesn t overheat, Yellen said in an interview with the Atlantic that was broadcast on Tuesday. It could cause some very modest increases in interest rates. Stocks extended their losses on Tuesday and the dollar briefly touched session highs after Yellen s remarks. Yellen s comments come amid a debate on whether US President Joe Biden s raft of proposed and enacted government spending could spur a surge in price pressures. Administration officials have consistently argued that there s little concern about a damaging inflation acceleration, given the tools policymakers have to head off such an outcome. ....
US Treasury chief calls for global minimum corporate tax Janet Yellen made a case for ending the race to the bottom on taxation. This comes days after the Biden administration announced plans to increase the US corporate tax. Jane Yellen s speech came ahead of her first IMF and World Bank Spring Meetings as US Treasury Secretary. US Treasury Secretary Janet Yellen on Monday said she was working with G20 countries to adopt a global minimum corporate tax rate that would stem the erosion of government revenues. A collective effort by the world s 20 major economies would help end the thirty-year race to the bottom on corporate tax rates, Yellen said at a virtual event hosted by the Chicago Council on Global Affairs. ....
Janet Yellen. File photo | Photo Credit: AP This was Ms. Yellen’s first call with Ms. Sitharaman after she became the first female Treasury Secretary of the United States in January this year. U.S. Treasury Secretary Janet Yellen has spoken over phone with Finance Minister Nirmala Sitharaman during which she appreciated India s role as a critical partner in fighting the COVID-19 pandemic and discussed the global economic outlook. This was Ms. Yellen’s first call with Ms. Sitharaman after she became the first female Treasury Secretary of the United States in January this year. During the call, she conveyed her intention to collaborate closely to support a strong global recovery from the COVID-19 pandemic, fight inequality, and advance a bold climate agenda, the Department of Treasury said in a readout of the call on Monday. Yellen appreciated India’s role as a critical partner in fighting the COVID-19 pandemic, it said. ....
US senators asked to draft legislative package to outcompete China, invest in India, NATO On a caucus call on Tuesday, US Senate Majority Leader Chuck Schumer discussed his push to direct Senate committees to draft a legislation to protect American jobs and outcompete China PTI | February 24, 2021 | Updated 07:53 IST This month alone, nearly 20 anti-China legislations have been tabled or reintroduced in either chambers of the US Congress US Senate Majority Leader Chuck Schumer has asked his Democratic colleagues to draft a legislative package to outcompete China, create new American jobs and invest in strategic partners and alliances like NATO and India. On a caucus call on Tuesday, Schumer discussed his push to direct Senate committees to draft a legislation to protect American jobs and outcompete China. ....