U.S. Treasury Secretary Janet Yellen recently shared her thoughts on her future plans after President Joe Biden’s term ends in January. During the Texas Tribune Festival in Austin, Texas, Yellen mentioned that she is “probably done” serving at the highest levels of government but left room for ambiguity by adding, “we’ll see.” This statement hints at a potential exit from her current role but also keeps the possibility open for taking on new responsibilities in a different administration.
Yellen also touched upon the importance of the U.S.-China relationship, emphasizing the need for prioritization and nurturing by the next U.S. administration. She highlighted the significance of discussions at both high levels and among agency staff to address differences and prevent tensions from escalating. Yellen mentioned a likely meeting with Chinese Vice Premier He Lifeng to continue managing the often tense relationship between the two countries.
In addition to discussing her future plans and U.S.-China relations, Yellen provided insights into the current state of the U.S. economy. She stated that the economy has largely achieved a “soft landing” with lower inflation, despite slower job growth. Yellen expressed optimism about the stability of the job market and highlighted the solid consumer spending patterns, indicating a strong and resilient economy.
Yellen mentioned that Undersecretary Jay Shambaugh would lead a delegation to Beijing very soon to engage in discussions about economic issues with China. This move is part of a broader effort to address China’s excessive factory production, a key focus area for the U.S.-China economic working group led by Shambaugh. Yellen underscored the importance of ongoing dialogue and attention to managing economic differences between the two countries to prevent tensions from escalating.
Janet Yellen’s remarks shed light on her future plans post-Biden’s term, the significance of the U.S.-China relationship, and the current state of the U.S. economy. Her comments underscore the need for diplomatic dialogue, economic cooperation, and strategic engagement to ensure stability and growth in the global economy. As a prominent figure in economic policymaking, Yellen’s insights provide valuable perspectives on the challenges and opportunities facing the United States and its economic relations with China.