Yellen Says She Was Not Predicting or Recommending Rate Hikes

WATCH: Treasury Secretary Janet Yellen said interest rates may have to rise modestly to prevent the U.S. economy from overheating due to higher levels of government spending, without specifying a timeframe.(Source: Bloomberg)

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By Christopher Condon

May 4, 2021 at 8:24 PM UTC

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Treasury Secretary Janet Yellen said she was not predicting or recommending interest-rate increases when remarking earlier about the impact of fiscal spending on the U.S. economy.

Earlier on Tuesday Yellen caused a set of hiccups in financial markets when she said the Biden administration’s spending measures will likely provoke a rise in interest rates.