3/6, 1:50 AM (Source: TeleTrader)
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Yellen: Higher bond yields sign of economic recovery

United States Treasury Secretary Janet Yellen said on Friday that the recent rise in Treasury yields is a sign the economy is "getting back on track."

Speaking to PBS, Yellen noted that long-term interest rates have gone up as market participants are expecting a stronger recovery due to optimism regarding the $1.9 trillion stimulus package and COVID-19 vaccinations.

The Treasury secretary added she doesn't think markets expect inflation to rise above the 2% target anytime soon, but pointed out the Federal Reserve has the necessary tools to address inflation if needed.

Breaking the News / NP