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Higher interest rates would be good for the country, Treasury Secretary Yellen says

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U.S. Treasury Secretary Janet Yellen speaks during a press conference after attending the G7 Treasury Ministers meeting at Winfield House in London, Britain, Dec.

Justin Tallis | Rüters

US Treasury Secretary Janet Yellen said President Joe Biden’s $ 4 trillion spending proposal would be positive for the country even if it led to a rise in interest rates.

In an interview with Bloomberg News, the former Federal Reserve chairman said the president’s plans run to about $ 400 billion a year – a level of spending she felt was insufficient to cause inflation to exceed.

“If we had a slightly higher interest rate environment at the end, this would actually be a plus for the view of society and the Fed,” Yellen told Bloomberg.

“We have been fighting against inflation and interest rates that are too low for a decade,” she said. She added that if the packages do anything to “alleviate things, that’s not bad – that’s good”.

Read the full Bloomberg report here.

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Robert Dunfee