U.S. Treasury Secretary Interview
Interview on December 13, 2023, U.S. Treasury Secretary Janet Yellen joined CNBC’s “Squawk on the Street” for an exclusive interview with co-anchor Sara Eisen at the Treasury Department.
Janet Yellen’s Career
Janet Yellen, an accomplished American economist, made history in 2014 when she became the first woman to chair the Federal Reserve. In January 2021, Yellen broke another glass ceiling by becoming the first female U.S. Treasury Secretary under President Joe Biden’s administration.
Yellen’s Background
Yellen’s academic journey began at Brown University, where she graduated summa cum laude in Economics in 1967. She then earned a Ph.D. in Economics from Yale University in 1971. Her career in academia includes a long tenure as a professor at the University of California, Berkeley, where she was recognized for her expertise in macroeconomics and labor markets.
Public Service Career
Her public service career is marked by her tenure as the Vice Chair of the Federal Reserve from 2010 to 2014, before ascending to the Chair position. Yellen is known for her focus on reducing unemployment and her commitment to maintaining low inflation rates.
Treasury Secretary’s Role
As Treasury Secretary, Yellen has played a pivotal role in steering the U.S. economy through the challenges of the COVID-19 pandemic, focusing on economic recovery and addressing income inequality.
Economic Resilience and Soft Landing
Yellen reflected on the resilience of the U.S. economy in 2023, noting that despite predictions of a recession, she always believed there was a path to a ‘soft landing.’ She emphasized that it was possible to bring down inflation without triggering high unemployment.
Public Perception of the Economy
Addressing the public’s perception of the economy, Yellen acknowledged that Americans might not feel great about the economic situation. She cited a recent preliminary Michigan survey showing an uptick in consumer confidence, with consumers beginning to understand that inflation is decreasing.
Gas and Egg Prices
Yellen mentioned specific price changes, highlighting the significant decrease in gas prices, with some states seeing prices under $3 per gallon. She also referred to the skyrocketing egg prices due to the Avian flu, which have now started to come down towards pre-pandemic levels.
Hot Take
Janet Yellen has had an illustrious career in economics and public service, marked by several historic milestones. As U.S. Treasury Secretary, she continues to play a crucial role in addressing the challenges facing the American economy.
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