Yellen Says Higher Yields Reflect Strength of the Economy and IRA Success, Not the Deficit – MishTalk

Yellen Comments

• I don’t think this is connected to the deficit. This is a global phenomenon.
• Largely, I think it’s a reflection of the resilience that people are seeing in the US economy.
• We are not having a recession.
• The economy is continuing to show continued robustness. That suggests interest rates will be higher for longer.

The short clip does not contain the Bloomberg subtitle “Enormous investments sparked by IRA, chips legislation.”

But yes, we do have enormous investments in wasteful wind and solar projects. And we have EVs that few seem to want despite massive subsidies.

Quote of the Day

“Janet Yellen is a delusional national embarrassment.”

Indeed, and if you waste enough money the economy will “seem” to grow for a while. But there is always payback down the road.

GM Scraps EV Target, Ford Scales Back Electric Trucks, Musk Warns of Challenges

In the real world, GM Scraps EV Target, Ford Scales Back Electric Trucks, Musk Warns of Challenges

And to top it off, The National Highway Traffic Safety Administration has concluded Biden’s mileage standards have “Net benefits for passenger cars remain negative across alternatives” vs doing nothing at all.

See The Shocking Truth About Biden’s Proposed Energy Fuel Standards

The result of this fiscal stimulus is more inflation and soaring deficits that Yellen fails to see.