U.S. Treasury Secretary Janet Yellen, 78, has indicated that she is likely to step down from government service after President Joe Biden’s term ends in January. Speaking at the Texas Tribune Festival in Austin, Yellen responded to questions about her future by stating she is “probably done,” though she left open the possibility of continuing, saying, “we’ll see.”
Yellen’s remarks are her clearest yet regarding her plans after a long and distinguished career. She has been the first woman to serve as Treasury Secretary, Federal Reserve Chair, and director of the White House National Economic Council. With the upcoming presidential race between Vice President Kamala Harris and former President Donald Trump heating up, Yellen’s potential departure marks the end of an era for her high-level public service.
Yellen also discussed the importance of maintaining a stable U.S.-China relationship. She mentioned plans for another meeting with Chinese Vice Premier He Lifeng, her counterpart in Beijing, to address ongoing economic issues between the two nations. This follows their earlier meeting in April, during which Yellen urged China to manage its industrial capacity amid rising tariffs on Chinese-made goods like electric vehicles, batteries, and semiconductors.
Yellen stressed the need for ongoing communication between the U.S. and China to avoid escalating tensions, adding that both nations should prioritize this relationship under the next administration. She noted that Undersecretary Jay Shambaugh would soon lead a U.S. delegation to Beijing to continue these discussions as part of the U.S.-China economic working group, which is focused on addressing China’s surplus production capacity.
On the domestic front, Yellen expressed optimism about the U.S. economy, stating that it had largely achieved a “soft landing” with lower inflation. Citing recent jobs data showing a slight decline in unemployment despite slower hiring, Yellen noted that consumer spending remains solid and that hiring has become more stable, without significant layoffs.
Yellen acknowledged that while there are risks in the job market, the U.S. economy remains strong overall. “What I think we’re seeing, and will continue to see, is a good, solid economy,” Yellen said, underscoring her confidence in the nation’s economic stability as she prepares for what could be her final months in public office.
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