by Wolf Richter
Wolf Street
To let some hot air out of the markets? As long as it isn’t “disorderly.”
It seems to be a rare sight that a Treasury Secretary and a Fed Chair color-coordinate their comments about rising long-term yields. On Friday, Treasury Secretary Janet Yellen in an interview on PBS NewsHour echoed what Fed Chair Jerome Powell had said on Thursday in an interview with the Wall Street Journal.
When Yellen was asked about the rising long-term yields that the crybabies on Wall Street are getting so nervous about, Yellen said in her quiet manner: “Long term interest rates have gone up some, but mainly I think because market participants are seeing a stronger recovery, as we have success with getting people vaccinated and a strong fiscal package that’s going to get people back to work.”
“Rising interest rates don’t concern you?” she was then asked.