Federal Reserve Governor Lisa Cook said it will be appropriate to reduce interest rates “at some point,” adding that she expects inflation to improve gradually this year before more rapid progress in 2025.

“With significant progress on inflation and the labor market cooling gradually, at some point it will be appropriate to reduce the level of policy restriction to maintain a healthy balance in the economy,” Cook said Tuesday in prepared remarks to the Economic Club of New York.

READ MORE: Fed’s Cook Says Rate Cut Needed at Some Point But Timing Unclear

“With significant progress on inflation and the labor market cooling gradually, at some point it will be appropriate to reduce the level of policy restriction to maintain a healthy balance in the economy,” said Governor Lisa D. Cook during a speech before the Economic Club of New York. “The timing of any such adjustment will depend on how economic data evolve and what they imply for the economic outlook and balance of risks.”

READ MORE: Fed governors say time not yet right for rate cuts

U.S. Secretary of the Treasury Janet Yellen speaks during an Economic Club of New York event June 13, 2024, in New York City.

READ MORE: Yellen claps back at Putin calling use of seized Russian assets to support Ukraine ‘theft’: 'No sense at all'

In a speech at the Economic Club of New York, she promoted the strong economy and said tax cuts for the rich and deregulation hadn’t boosted “growth and prosperity for many Americans.”

She also pointed to the administration’s investments in infrastructure, chip manufacturing and clean tech.

READ MORE: Yellen focused on the middle and working classes.

Speaking to the Economic Club of New York on June 13, Ms. Yellen warned that Beijing’s trade policies “may interfere significantly with our efforts to build a healthy economic relationship.”

READ MORE: China’s ‘Overconcentrated Supply Chains’ Threaten US Jobs, Green Investments: Yellen

Speaking at the Economic Club of New York, Treasury Secretary Janet Yellen said communist China’s unfair trade practices are hurting industries in the United States.

READ MORE: Biden Sends Message to China for Assisting Russia in War Effort Against Ukraine 
 

US Treasury Secretary Janet Yellen says the strength of the US economy is lifting growth globally during an Economic Club of New York event.

READ MORE: Yellen Sees Solid US Growth and Strong Labor Market

“This is not the last time this can be done. This is the first tranche and if necessary, there’s more behind it,” Yellen told reporters at an event hosted by the Economic Club of New York. “We’re getting Russians to help pay for the damage that it’s caused.”

READ MORE: Yellen: More Ukraine aid can be backed by frozen Russian assets after initial $50 billion loan

Treasury Secretary Janet Yellen on Thursday criticized some economic policies backed by presumptive Republican presidential nominee Donald Trump and his allies, as she delivered a speech at an Economic Club of New York event.


READ MORE: Yellen says ‘tax cuts for those at the top’ and deregulation don’t deliver broad-based prosperity

Yellen said in prepared remarks to the Economic Club of New York that the traditional Republican model of "supply-side economics" relies too heavily on tax cuts to spur investment and has failed to benefit enough workers.


READ MORE: Yellen: US growth needs public, private investments, China subsidies excessive

"I think that the largest financial institutions in China have been trying to comply and have a very strong motive not to be designated," as sanctions violators, Yellen told reporters after remarks following a speech at the Economic Club of New York.

READ MORE: Yellen says larger Chinese banks wary of violating US sanctions on Russia

U.S. Treasury Secretary Janet Yellen speaks to the Economic Club of New York in New York City, U.S., June 13, 2024.

READ MORE: US job market resembling pre-pandemic environment, Yellen says

In a prepared speech to Wall Street and business executives at the Economic Club of New York Thursday afternoon, Yellen promoted Biden administration policies designed to spur U.S. economic competitiveness.

She said the U.S. ought to respond “when foreign subsidies threaten the viability of domestic firms" in strategic sectors like green energy. There is particular concern that China’s green energy products will undermine massive climate-friendly investments made through the Democrats’ Inflation Reduction Act that President Joe Biden signed into law in August 2022.

READ MORE: Yellen says China's trade policies could 'interfere significantly' with US bilateral relationship

Janet Yellen during an Economic Club of New York event in New York on June 13.

“I think the large banks in China really, really value their correspondent-banking relations, and those are not banks that we most need to worry about,” Yellen told reporters in New York. “It’s smaller banks” that are of more concern, she suggested — though even there, “some of those banks also want to be able to process payments in dollars, do not want to be cut off from the US financial system,” she said.

READ MORE: Yellen Says Big Chinese Banks Are Adhering to Russian Sanctions

Lower housing costs could be a factor that helps drive down inflation, Treasury Secretary Janet Yellen told an audience at the Economic Club of New York today.

Inflation eased considerably from its peaks almost two years ago, Yellen said, though she acknowledged that for many Americans, price pressures persist.


READ MORE: US Economy News Today: Yellen Sees Inflation Falling on Lower Housing Costs

As the presidential race heats up, President Biden and Donald Trump are competing for an important constituency: corporate chieftains.

Both camps will make their cases with the C.E.O.s of top U.S. companies today: Trump and Jeff Zients, the White House chief of staff, will each speak in Washington to the Business Roundtable, one of the most influential corporate advocacy groups. Attendees are set to include Jamie Dimon of JPMorgan Chase, Brian Moynihan of Bank of America and Jane Fraser of Citigroup.

Meanwhile, Treasury Secretary Janet Yellen is addressing the Economic Club of New York. (Biden is in Italy for the Group of 7 summit meeting.)

READ MORE: Why Investors Don't Believe the Fed

Treasury Secretary Janet Yellen will defend President Biden's approach at the Economic Club of New York, where she'll argue that tax cuts for the wealthy and deregulation for big business aren't the best ways to grow the economy.

READ MORE: Biden, Trump to make dueling pitches to big business

“There’s no compelling warrant for easing monetary policy, and markets should be getting used to rates in current ranges for the foreseeable future,” Summers said during a webcast hosted by the Economic Club of New York.

READ MORE: Forecasts for Fed rate cuts probably too optimistic, Summers says

“Markets should be getting used to rates in current ranges for the foreseeable future and probably long rates above current levels,” he said Tuesday in an Economic Club of New York webinar conducted with former White House chief economist Glenn Hubbard. The yield on the 10-year Treasury note is currently around 4.3%.

READ MORE: Summers Sees Higher US Long-Term Treasury Yields Over Time

"I do think inflation at the moment is stuck well above the Fed's 2% target. We're not at a good level," said Glenn Hubbard, a top economic adviser to President George W. Bush.

Larry Summers, a top economic adviser to President Barack Obama, agreed about the troublesome inflation picture.

"I don't think we're on a convincing trajectory to the 2% inflation target," Summers said.

The two economists spoke together on a webcast hosted by the Economic Club of New York.


READ MORE: Inflation isn’t likely to come down to Fed’s 2% target, two prominent economists say