U.S. Treasury Secretary Janet Yellen has refuted allegations made by economist Nouriel Roubini and former Trump administration official Stephen Miran, who claimed that the Treasury manipulated securities issuance to lower real borrowing costs. In a Bloomberg interview, Yellen assured that no such strategy had been discussed or implemented.
Roubini and Miran’s paper suggested that Treasury actions last fall reduced 10-year Treasury yields by a quarter of a percentage point, equating this to a one percent decrease in the Federal Reserve’s rate. Treasury assistant secretary Joshua Frost supported Yellen’s position, stating that the department’s actions were within market expectations.

These allegations come after previous accusations from Republican lawmakers, who claimed Yellen manipulated Treasury debt auctions to bolster the economy and President Biden’s image. Yellen also defended the Federal Reserve’s independence and opposed former President Trump’s tariff-based tax proposals.
Expressing confidence in the U.S. economy, Yellen predicted that inflation would meet the Federal Reserve’s 2% target by next year.
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