Yellen says US GDP is a 'good strong number', may keep bond yields higher
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen addresses a news conference during a G20 finance ministers' and Central Bank governors' meeting at Gandhinagar, India, July 16, 2023. REUTERS/Amit Dave//File PhotoWASHINGTON -U.S. Treasury Secretary Janet Yellen on Thursday said U.S. third quarter economic growth of nearly 5% was"a good strong number" that points to a soft landing for the U.S. economy but could help keep longer-dated bond yields elevated.
Yellen said the recent sharp rise in long-term bond yields is reflective of confidence in the U.S. economy and expectations that interest rates will be higher for longer as a result. She dismissed suggestions that higher bond yields may be due to worries about rising U.S. deficits or worries about a recession.
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