Treasury Secretary Janet Yellen touted the economic impact of the Biden administration’s agenda during a speech outside of Detroit today, while acknowledging the blow soaring inflation has delivered to households.
Yet the Federal Reserve is raising borrowing costs at a historic pace to slow the economy, in a bid to cool torrid prices. Fed officials have conceded that bringing inflation down will deliver"The most immediate challenge is to return to an environment of stable prices without sacrificing the economic gains of the past two years," Yellen said.who served as the former chair of the Fed, Yellen acknowledged some of the other economy's lingering problems.
"Sluggish productivity growth and declining labor force participation have weighed down our economic potential. And growing disparities in economic conditions across geographies and racial groups have exacerbated inequality," Yellen said. She also acknowledged the pandemic and Russia's invasion of Ukraine "remind us of our vulnerability to global supply shocks” and noted that the threat of climate change "looms very large."Yellen spoke from the factory floor of the Ford Rouge Electric Vehicle Center, a plant where the auto giant assembles F-150 Lightning electric pick-up trucks. Ford executives were present at Yellen’s speech, including CFO John Lawler.
The Biden administration views the auto industry as a central part of its vision for the economy, a senior Treasury official told reporters. Among other things, that includes a larger presence of electric vehicles. “Benefits from the legislation, including incentives from electric vehicle tax credits, won’t accrue overnight.: Yellen's trip to Detroit is the first stop on tour over the next month to push Biden's economic agenda.
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