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Yellen says higher interest rates would be 'plus' for US, Fed: Report

Yellen says higher interest rates would be 'plus' for US, Fed: Report

US Treasury Secretary Janet Yellen ahead of her meeting with Germany's Finance Minister Olaf Scholz, as finance ministers from across the G7 nations meet at Lancaster House in London, Friday, June 4, 2021 ahead of the G7 leaders' summit. (Daniel Leal-Olivas/Pool Photo via AP)

US Treasury Secretary Janet Yellen said that President Joe Biden's US$4 trillion spending plan would be good for the US, even if it contributes to rising inflation and results in higher interest rates, Bloomberg News reported.

"If we ended up with a slightly higher interest rate environment it would actually be a plus for society's point of view and the Fed's point of view," Yellen said in an interview with the outlet on Sunday. 

"We've been fighting inflation that's too low and interest rates that are too low now for a decade," the report quoted Yellen as saying.

"We want them to go back to" a normal interest rate environment, "and if this helps a little bit to alleviate things then that's not a bad thing- that's a good thing," Yellen added. 

Source: Reuters

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