Yellen: My views on US fiscal space have changed since 2017

How about that

  • Budget should be on sustainable path in long run
  • More fiscal space doesn’t mean that anything goes
  • Longer run,m we need to raise revenue to support outlays

There aren’t many deficit hawks left.

Meanwhile Powell is doubling down, saying the rise in bond yields reflects an improved outlook. He also repeats that he would be concerned if it were not an orderly process or if conditions tightened enough to threaten the recovery.

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