Janet Yellen: Fears there are difficult months ahead before the vaccine is distributed widely enough

Janet L. Yellen, President-elect Joseph R. Biden’s nominee to be Treasury secretary, said at her confirmation hearing on Tuesday that she fears there are difficult months ahead before the vaccine is distributed widely enough to fully reopen economy.

 Yellen says we should not think about tax increases in the abstract but in the context of a larger investment program.

She also said that the US needs to address that China poses, saying that the regime is guilty of human rights abuses. 

Meanwhile, the US dollar is a focus and while not specifically endorsing the “strong dollar” policy established in the 1990s, she said the US “does not seek a weaker currency to gain a competitive advantage”.

DXY W-formation

On the 4-hour time frame, the US dollar has made a significant correction in te DXY to the point of the W-formation's neckline where the price would be expected to be supported.

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