Comments from the outgoing US Treasury Secretary:
- Labor market has cooled but it's in a good state
- The main factor in inflation was shortages
- Spending on covid may have added a little bit to inflation
- Term premium in fixed income looks to have gone up, has begun to normalize
- Fiscal policy needs to be put on a sustainable course
- Recent data suggests the path of interest rates may be higher than people expected
- Expiring tax cuts need to be handled in a responsible way
- If IRS funding is repealed, it could be a $800 billion hit to deficit
I don't see anything groundbreaking here or notable. Mostly stating the obvious, which Yellen made a career out of doing.
