Treasury Secretary Janet Yellen (and ex Fed Chairman) is speaking on economy saying:

  • 1st quarter GDP was not a good read on the strength of the economy
  • Consumer spending, business investment remains strong
  • America is outperforming other countries
  • Credit quality remains excellent, banks are well capitalized
  • Inflation is too high, necessary to bring it down
  • Escalation in commodity prices it can have told globally
  • We could see slower growth and downturn in Europe, some of that could spill over into the US
  • Certain the Fed will try to deploy its tools to achieve a soft landing
  • sees danger in outlook, but thinks a soft landing as possible
  • US government spending it did feed demand
  • Thinks US government spending was justified at the time
  • Forecasts were really quite dire when Biden took office
  • Inflation up globally, even in economies where there was less stimulus
  • Covid lockdowns in China threatens to prolong supply chain disruptions
  • Necessary to see energy supplies increase
  • Use moved to cut off Russian oil imports could drive oil prices higher
  • It's important that Europe will rid itself of dependence on Russian as a source of energy supplies
  • US prepared to respond strongly to purposeful devaluation of currencies
  • Believes in market-based value for dollar
  • Some of the dollars rise is due to higher US interest rates
  • As evaluations are high, huge increase in housing prices
  • We don't have the kind of mortgage practices seen before housing crisis
  • Worries about commodity prices

The comments are not earth shattering or anything new. The former Fed chair is probably happy she's not in her old seat at the Fed.