Yellen points to the drop in U.S. interest payments as a percentage of GDP as a reason that she still sees fiscal space, though notes "it certainly doesn't mean that anything goes."
"Longer-run, we do have to raise revenue to support permanent spending that we want to do."
"Longer-run, we do have to raise revenue to support permanent spending that we want to do."
Oh wow we just got a question on the significance of 2s10s hitting 160 basis points. Going mainstream!
Uh oh, Senator Elizabeth Warren is going after BlackRock.
YELLEN: When it comes to FSOC, "the risks it focused on were ones having to do with open-end mutual funds that can experience massive withdrawals and be forced to sell off assets that could create fire sales. That is actually a risk that we saw materialize last spring in March."
Anyway, Yellen is unflappable as usual but seems to be getting a little frustrated with Warren, who is clearly trying to get BlackRock and its $9 trillion of assets on the FSOC's designation list.
Yellen: "An asset manager is very different than a bank."
home.treasury.gov/policy-issues/…
Yellen: "An asset manager is very different than a bank."
home.treasury.gov/policy-issues/…
I guess Senator Kennedy follows global central banking closely. Mentioned the ECB, RBNZ and Turkey.
Woah!!! Yellen just yelled!!!
(Granted, it was to say "I'm sorry! I'm sorry!" and finish over Kennedy's interruptions.)
(Granted, it was to say "I'm sorry! I'm sorry!" and finish over Kennedy's interruptions.)
LOL Senate goes into a 20-minute recess, and Powell and Yellen are asked to stay on the line, just mute and turn off video.
Powell: "To be clear, are you saying we have to sit here until 12:30, or can we leave and come back?"
They are allowed to leave then come back.
Powell: "To be clear, are you saying we have to sit here until 12:30, or can we leave and come back?"
They are allowed to leave then come back.
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