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Yellen plays down inflation fears, pushes for relief bill

Treasury Secretary Janet Yellen says fears that the administration’s $1.9 trillion relief bill could trigger a rapid rise in inflation are misplaced

3/9/2021 5:44:00 AM

Treasury Secretary Janet Yellen says fears that the administration’s $1.9 trillion relief bill could trigger a rapid rise in inflation are misplaced.

Treasury Secretary Janet Yellen says fears that the administration’s $1.9 trillion relief bill could trigger a rapid rise in inflation are misplaced

Senate passes $1.9 trillion coronavirus relief packageThe bill, which took more than 24 hours to debate and passed by a narrow margin of 50-49, includes direct payments to most Americans and extends unemployment benefits through September.The Associated Press

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WASHINGTON -- Treasury Secretary Janet Yellen says fears that the administration's $1.9 trillion relief bill could trigger a rapid rise in inflation are misplaced.In an interview on MSNBC on Monday, Yellen said the measure, which will provide $1,400 checks to millions of American along with other assistance, will provide needed relief and help the economy return to full employment by next year.

Asked about concerns by some economists that the measure could rev up the economy too fast and trigger higher inflation, Yellen said, “I really don't think that is going to happen. We had a 3.5% unemployment rate before the pandemic and there was no sign of inflation increasing.”

The jobless rate in February of last year, before 24 million jobs were lost to the pandemic, stood at a half-century low of 3.5% with inflation running well below the Fed's 2% target.Yellen said inflation was “too low” during that period of very low unemployment.

She said if inflation does become a problem “there are tools to address that” and policymakers will be monitoring the situation closely and will be prepared to act.The House is expected to give final passage to the relief bill this week and the administration has said the president will sign the measure as soon as it reaches his desk. Expanded unemployment benefits for Americans are scheduled to run out on March 14 if no new legislation is passed.

“This is a bill that will really provide Americans the relief they need to get to the other side of this pandemic,” Yellen said saying the scope of the measure would provide the resources needed to “fuel a really strong recovery.”Yellen predicted the bill would allow the country to get back to full employment by next year, noting that the Congressional Budget Office had estimated that without the relief package, the country would not get back to full employment until 2024.

Yellen said once the the relief measure is passed, the administration will turn to winning approval for a “Build Back Better” bill that would boost infrastructure spending and provide support for improving education and job training opportunities as well as including improved child care and paid family leave provisions.

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She just lied her ass off. There MUST be inflation and a lot of it to pay back all this free money being given out. Here's the REAL issue: In the history of America only Reagan pulled it off. That's 1 Administration! We probably screwed. Oh it will be far worse than that, and then take into account Democrats are in charge and you can kiss the economy goodbye

Democrats did put a lot of pork in that bill. Oh stop it with the shenanigans. Misplaced? She is misplaced and out of touch to reality. There are people with no income. REALLY! Give us each $10m. No worries about inflation. i like her, we need more people to think out of the box...and she is educated/academic...look at Stocktons' pilot program. We need to be brave and not live in fear, where we won't continue to be stuck in quicksand.

It will over several years, but isn’t that likely to happen even without it. Time will tell. I predict a damaging increase in inflation due to this drunkin sailor spending by Biden and the Dems . GQP doesn’t understand basic concepts like inflation...too bad the Cult hasn’t figured that out yet, ESTO ES UN ARMA DE 2 FILOS TODOS LOS QUE SOMOS DE LA CLASE MEDIA Y POBRE SON LOS QUE MAS NECESITAMOS ESE DINERO LOS RICACHONES LES SOBRA ASI QUE OJALA QUE CALIFIQUEMOS QUE ESE DINERO NOS SERVIRIA BASTANTE

Not really misplaced.. another influx of stimulus in a parabolic market only pumps the $$ in the short term. Bearish in the long term.