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Treasury sign falls as Yellen addresses US dollar concerns

Treasury sign falls as Yellen addresses US dollar concerns

GrafaGrafa2024/10/29 17:00
By:Mahathir Bayena

During a press conference at the 2024 IMF and World Bank Annual Meetings, U.S. Treasury Secretary Janet Yellen faced questions about the stability of the U.S. dollar as the world’s primary reserve currency. 

The briefing took an unexpected turn when a Treasury Department sign suddenly dropped from her podium just as she was about to respond to inquiries regarding broad U.S. tariff policies and their implications. 

The unexpected incident momentarily drew laughter from attendees, but Yellen quickly resumed her response.

Addressing a question posed by Colby Smith from The Financial Times, Yellen defended the dollar’s preeminent status. 

She stated, “It is important to the United States that the dollar is and remains the world’s primary reserve currency. 

And the status of the dollar, in my view, is really grounded in our strong macroeconomic performance, low inflation, institutions, strong capital markets, rule of law, and very deep and liquid capital markets.”

Reinforcing her perspective, Yellen dismissed the likelihood of any other currency replacing the dollar in the near term. 

“There really is no other currency that I see as being a candidate in the near future to being able to replace the dollar, so I feel confident about the dollar’s status,” she remarked.

Yellen also addressed the fiscal policies necessary to sustain the dollar’s standing, emphasising the importance of maintaining a disciplined fiscal approach. 

“I believe it’s very important that we remain focused on keeping the real net interest cost of the debt near historic levels and certainly under 2%,” she concluded.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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