US Treasury Secretary Janet Yellen expressed optimism about the outlook for the US economy. In a recent statement, he said he was “very optimistic” about the future of the economy.
Yellen also addressed the country’s debt servicing costs, saying it will be 1% of GDP over the next decade. This forecast assumes that the budget deficit will decrease.
He reiterated that real net interest payments relative to GDP were ‘normal’ and that forecasts for debt costs predicted a decline in interest rates.
However, Yellen also acknowledged that it is possible for long-term interest rates to remain at higher levels than previously thought. Despite this, she said she believes the structural forces supporting low rates are ‘alive and well’. Yellen also stated that interest rate levels are constantly on her mind. Despite the potential hurdles, Yellen said there is “no absolute guarantee” that higher interest rate policy will be in place for longer.
In addition to economic issues, Yellen also touched upon the issue of artificial intelligence (AI). He said progress in artificial intelligence was “incredibly rapid” and could make a significant difference to productivity.
On international relations, Yellen said she does not believe the United States should move away from China. However, he expressed concern about over-dependence on China in matters of national welfare.
*This is not investment advice.
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