United States Secretary of the Treasury Janet Yellen, is commenting on the response of the Treasury to the coronavirus crisis before the Senate Banking Committee.
Featured statements
“The global minimum tax is a way to stop the race to the bottom; committed to trying to achieve it.”
“We collect only a small amount of income through businesses; it is appropriate to increase the tax rate.”
“It is important to ensure that the increase in the US corporate tax rate is done in the context of a blanket agreement.”
“Concerned about the long-term unemployed, it is necessary to ensure that they do not have permanent scars.”
“Deviating from the Fed’s mandate would put the Fed’s independence at risk.”
“The world is facing a climate crisis; it is not inappropriate to encourage lenders to think about the potential impacts of investments, but there are no requirements to force or prohibit loans to certain industries.”
Market reaction
These comments do not appear to have a significant impact on risk sentiment. At the time of writing, the S&P 500 index it was up 0.6% on the day to 3,933.
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