US interest rates may have to rise if economy heats up: Yellen
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AFP

Washington (AFP) – US interest rates may have to increase “somewhat” to keep a lid on inflation if President Joe Biden’s latest spending proposals are enacted and the economy heats up, Treasury Secretary Janet Yellen said Tuesday. But after her comments set off a mini-firestorm and sent stock prices tumbling, Yellen later clarified that she was not predicting nor suggesting the Federal Reserve should raise rates. After winning approval for a $1.9 trillion pandemic rescue plan in March, Biden has made two more proposals totaling nearly $4 trillion over a decade and partially paid for with tax i…

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