Janet Yellen, who appeared on CNBC’s Squawk Box today, is concerned about sanctions against Russia and from cryptocurrencies talked about.
“Is the world moving away from globalization?” Stating that her concerns were unfounded, Yellen said that the US economy also stood strong.
The situation in Ukraine is putting pressure on commodity prices. I am worried about the damage to wheat-dependent countries. In addition, the increase in oil prices may slow down global growth. Oil prices could go higher.
The Russian economy will suffer in the long run after these sanctions. There is a possibility that the sanctions will affect Putin’s decisions in the future.
Refusing to comment on the Fed’s monetary policy, Yellen said inflation is high, but the Fed has tools at its disposal.
Has Benefits
Speaking about cryptocurrencies, Yellen stated that her skepticism towards this area continues.
Stating that his concerns are related to illegal use, financial stability and investor protection, the Minister also said that cryptocurrencies also have benefits.
“I have some skepticism. On the other hand, crypto has its benefits and we know that innovation in payment systems can be a healthy thing.”
Bitcoin, which was traded at $44500 at the time of Yellen’s statements, has now risen to $44800.
“I have a little bit of skepticism,” says @SecYellen front #crypto. “On the other hand there are benefits from crypto and we recognize innovation in the payment systems can be a healthy thing,” pic.twitter.com/7N1SYxICwq
— Squawk Box (@SquawkCNBC) March 25, 2022