Yellen says economy on 'soft landing' path, Fed's policy rate will fall to neutral level
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US Treasury Secretary Janet Yellen stated on September 26, 2024, that the US economy is on a path to a 'soft landing' based on labor market and inflation data; she emphasized the importance of reducing housing costs as part of taming inflation; Yellen indicated that the Federal Reserve's benchmark interest rate is expected to decline to a neutral level; she highlighted the necessity of US deficit reduction while continuing investments for future growth; Yellen reassured that banks are well-capitalized but acknowledged the need for improved liquidity access following 2023's deposit run issues.
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