US Treasury Sec. Yellen: Biden committed to not raise taxes on those earning less than $400K

Eren Sengezer FXStreet

While speaking at The New York Times' DealBook Online Summit on Monday, US Treasury Secretary Janet Yellen said wealth tax has difficult implementation problems, as reported by Reuters. Yellen further noted that US President Joe Biden is committed to not raise taxes on those earning less than $400,000 a year.

Additional takeaways

It makes sense for the Federal Reserve to study digital dollar currency."

"Digital currencies could lead to faster, cheaper payments, but many issues need to be studied, including consumer protection, money laundering."

"Treasury will discuss climate stress testing for banks."

"Other bank regulators, Fed, insurance regulators will take the lead on climate change financial stress testing."

"Important that investors at the retail level are treated fairly, have an opportunity to trade in markets."

Market reaction

These comments don't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Futures were down 0.63% on the day at 3,882.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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