Janet Yellen speaking on Bloomberg
Former Fed chair Janet Yellen who's name has been bantered about as a possible Treasury Secretary (although Fed's Lael Brainard is considered the front runner), is on the wires saying:
- central banks have done a good job responding to crisis
- monetary policy has limits, lower bound is constraint
- fiscal relief is essential
The comments are in line with most analysts and central bankers.
Meanwhile former US Treasury Secretary Larry Summers is speaking at New Economy Forum and says:
- central banks acted definitively to prevent collapse
- mistake for central banks to exaggerate relevance
- central banks need to acknowledge their limitations
- savings are exceeding natural level of private investment
- central problem is absorbing savings in a healthy way
His comments are in line with Yellen's.
