Treasury Secretary Janet Yellen is arguing that a fractured democracy can have destructive effects on the economy — an indirect jab at Donald Trump.
Her remarks serve as a sort of warning for business leaders who prefer the former president's vision of achieving growth by slashing taxes and stripping away regulations. Yellen cites Jan. 6, 2021, as a day when democracy came under threat as "rioters, spurred on by a lie, stormed the Capitol." Trump, who asked that the 2020 election results be investigated, has been charged with conspiring to overturn the election, among four criminal cases he is facing. He denies any wrongdoing.
Yellen's speech comes when there is speculation — though no direct comments by the former president himself — that if he regains the White House he may put political pressure on the Federal Reserve to lower its benchmark interest rate, which stands at a two-decade high of roughly 5.3%. Fed Chair Jerome Powell this week said gaining confidence to lower rates “will take longer than previously expected.
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