U.S. Treasury Secretary Janet Yellen on Wednesday called on major central banks to continue their fight to contain inflation, acknowledging the potential global repercussions.
Yellen speaks at the Center for Global Development (CGD), a Washington think tank. According to the manuscript of his speech prepared in advance, he said, “While policymakers in major countries need to continue with policies to curb high inflation, they must also continue to pay attention to the impact on the world.”
At the start of the monetary tightening cycle in 2015 when he was chairman of the U.S. Federal Reserve Board (FRB), he was forced to change the course of policy in light of the international situation, including the turmoil originating from China, and raised interest rates.delayedThere is a history.
“Clear and open dialogue and cooperation among major economies to address the impact remains essential,” Yellen said on Wednesday.
He also reiterated his criticism of China for not engaging enough in low-income countries’ debt relief efforts.
news-rsf-original-reference paywall">Original title:Yellen Flags Need to Mind ‘Global Repercussions’ of Tightening(excerpt)