10/3, 10:51 PM (Source: TeleTrader)
more TeleTrader news

Yellen 'very optimistic' about US economy

United States Treasury Secretary Janet Yellen insisted on Tuesday that she is "very optimistic" about the country's economic outlook.

Speaking at the Fortune CEO Initiative's event in Washington DC, Yellen said that the estimate for the debt service costs is 1% of the US gross domestic product (GDP) for the next decade. She also expressed her expectations of a reduction in the country's deficit. Additionally, Yellen admitted that the US has "developed a huge over-dependence on China" when it comes to the supply chain and called for a change in that aspect.

Commenting on the Federal Reserve's interest rates, Yellen said that the level those are at is "very much on my mind." She noted the possibility of those staying higher for longer than initially anticipated but that such rates are "by no means a given."

Baha Breaking News (BBN) / JR