Janet Yellen, a former Federal Reserve chair, has become President-elect Joe Biden’s nominee for Treasury Secretary. Currently Ms. Yellen is testifying before Senate Finance Committee. The former Federal Reserve chair is expected to advocate for a major fiscal stimulus. Below we present some short recap of the hearing so far.
-
China is clearly the most important strategic competitor of the United States
-
United States need to cooperate with the rest of the world in order to face up to China’s dominance
-
Prepared to use full array of tools to challenge China’s abusive, unfair and illegal practises
-
Value of dollar and other currencies should be determined by markets. Targeting of exchange rates for commercial advantage is unacceptable
-
Not seeking weaker US dollar to gain advantage
-
Biden administrator does not want to increase taxes during the pandemic
-
Capital gains should be taxed at some point
-
Parts of 2017 tax cuts for wealthy Americans and large companies should be repealed
-
Must put federal budget on sustainable path
-
Electric vehicles are good way to address climate change and create good jobs for Americans

The US dollar is weakening right now, which could have been caused by surging TNOTE. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThe content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.