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US economy is transitioning to pre-pandemic state

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US Treasury secretary, Janet Yellen, with pre-recorded remarks at the SelectUSA Summit

  • Historic relief will restore full employment in 2022

That comment on on the labour market is interesting as it does have some connotations to the Fed timeline on tightening policy. If anything, such an outlook suggests that tapering will come by some time this year – sooner or later that is.

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