US Treasury Secretary Yellen spoke at en event in Washinton DC on Thursday.
Yellen was Chair of the Federal Reserve System before Powell, and is now a political appointee. On the rate cut:
- "It reflects confidence on the part of the Fed that inflation has come way down and is on the path back to the two percent target, and that the risks with respect to inflation have really meaningfully diminished"
- "At the same time, we have a job market that remains strong,"
- Yellen said that bringing down inflation successfully in the context of a robust jobs market -- AKA a 'soft landing' -- is "exactly what we're seeing in the economy."
