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Perspectives: Inside the Fed
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This episode of HSBC’s Perspectives series features Dr Janet Yellen, former Chair of the US Federal Reserve and former US Treasury Secretary. In-conversation with Janet Henry, Global Chief Economist, HSBC, Dr Yellen shares her views on the global economic impact of the conflict in the Middle East, including what it could mean for inflation, growth and monetary policy. Drawing on her own experience, she offers a rare look inside the workings of the Federal Reserve FOMC and shares her views on possible disinflation from AI-driven productivity growth and the challenges facing US fiscal policy.
Watch or listen to find out more.
This episode was recorded on the sidelines of the HSBC Global Investment Summit in Hong Kong in April 2026. Find out more here https://www.business.hsbc.com/en-gb/campaigns/global-investment-summit
Disclaimer: Views of external guest speakers do not represent those of HSBC.
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Transcript
HSBC Global Viewpoint Podcast Introduction
00:00:01
Speaker
Welcome to HSBC Global Viewpoint, the podcast series that brings together business leaders and industry experts to explore the latest global insights, trends, and opportunities.
00:00:13
Speaker
Make sure you're subscribed to stay up to date with new episodes. Thanks for listening, and now onto to today's show.
Dr. Janet Yellen's Career Overview
00:00:22
Speaker
Hello and welcome to this HSBC Global Viewpoint podcast here at the Global Investment Summit in Hong Kong. And it is a great honour and I was just saying probably my career highlight to be joined on this viewpoint by Dr. Janet Yellen who leads No introduction, but obviously is extremely well-renowned and well-respected for her long tenure at the Federal Reserve, most recently as vice chair and then chairman of the Federal Reserve Board, and one of only two people historically that has also held the honour of being Treasury Secretary for the US government. So welcome, Janet. Thank you so much, Janine. Pleasure to be with you.
Impact of Middle East Conflict on Energy and Policy
00:01:09
Speaker
So I'd like to start with, inevitably, what is going on as a consequence of the conflict um in the Middle East, energy, and what it means for monetary policy. And in particular, the fact that obviously this energy shock, this supply shock is happening at a time when central banks haven't been back at target for for the last five years. So first of all, how should we think about it? And and if you were still at the Federal Reserve now, how would you be reacting to it at this time of tremendous uncertainty, even over the course of the next few weeks?
00:01:47
Speaker
Well, this is a classic global negative supply shock. Not only is it pushing up the price of oil and gasoline, but ah natural gas, fertilizers will have an impact on food, on shipping costs, diesel costs, running out of jet fuel and diesel in a number of places.
00:02:11
Speaker
um So one impact of the shock is that it's going to push up inflation. And in the U.S. s data, we've already seen that in the most recent consumer price index data, energy costs pushed up inflation over the last 12 months by almost a point last month.
00:02:34
Speaker
But the other impact is that it's likely to have a negative impact on growth, that it's likely to diminish spending. The um additional costs that consumers have to pay for energy, for food, for other things is likely to depress consumer spending.
00:02:55
Speaker
And the uncertainty may have a negative impact on investment spending. This is a stagflationary shock. um lower growth, lower employment, higher inflation.
Federal Reserve's Response to Economic Conditions
00:03:07
Speaker
And you asked about central banks, and if I was sitting at the Fed today, i would not be happy to see any of this because um i think I would be feeling before the shock hit,
00:03:23
Speaker
monetary policy was pretty well positioned in the US economy and we're broadly the global economy. would We're doing pretty well. um The labor market in the United States, while job growth has diminished a lot, um the supply of labor is also shrunk because of our immigration policy.
00:03:49
Speaker
So the unemployment rate is low and although The labor market in some ways seems fragile and subject to some downside risk.
00:03:59
Speaker
um It's still functioning at a good level and we're close to the Fed's goal of full employment. Be happy with that. Inflation.
00:04:10
Speaker
well For the last five years, inflation has overshot the Fed's 2% inflation target. On the other hand, it was coming down. Now, it looked like for the last year or so, it had gotten stuck at 3%.
00:04:28
Speaker
The Fed's goal is 2%, 3%, close, but no cigar. The Fed's been focused on trying to cover that last mile. and common view at the Fed and among economists has been that the reason that inflation got stuck above 3% was largely due to Trump's tariffs.
00:04:53
Speaker
And that we were seeing pass through of tariff increases into prices, that maybe that was half complete prior to the Iran war beginning, that The remainder of it we would see in the first half of this year. And as that came to a completion, inflation would begin to move back toward 2%, the Fed's target.
00:05:19
Speaker
Monetary policy, meanwhile, has been positioned at a level that's been supportive of the labor market, just ever so slightly tight in the view of most participants just but short rates just are marginally above what you call neutral.
00:05:43
Speaker
Appropriate given the inflation risk, that inflation is still overshooting the target. Likely to come down, but still somewhat of a risk.
00:05:54
Speaker
And the Fed's been pretty happy about where they were. They expected to see inflation come down further.
Managing Inflation Expectations Amid Economic Shocks
00:06:02
Speaker
And as that occurred, most f FOMC participants envisioned at least one further interest rate cut as you saw inflation come come down to get back to a neutral stance.
00:06:16
Speaker
Now along comes the Iran war and um you have a huge hit to inflation. We've already seen that begin to pass through.
00:06:28
Speaker
Now, often Fed likes to look through supply shocks like this. Stay more focused, at least look through the inflationary impact. Stay more focused on the real side of the economy.
00:06:43
Speaker
See if the labor market weakens and cuts are needed to support growth, to respond to that and to look through the inflation impact on the grounds that Like a tariff, it should be one shot if inflation expectations stay anchored, inflation comes down, and it's not necessary to tighten to respond to it. But the danger here is we've had five years of an overshoot.
00:07:13
Speaker
um And if inflationary expectations begin to rise and people begin to think this is normal, we're not in a 2% inflation world, we're stuck at 3% or maybe even more, you could see second round effects of these price increases on wages and future inflation. And that creates a situation that I really don't think anyone on the Fed is willing to tolerate. This is a very difficult time.
00:07:43
Speaker
If you're a voting member of the Federal Open Market Committee, you're worried about the real side of the economy. The Fed has a dual mandate. People want to be supportive of the labor market, especially at a time when artificial intelligence may begin to have significant negative impact on the job market.
Fiscal Stimulus and Trump's Tariff Policies
00:08:05
Speaker
So I described Fed wait and see mode yeah right now, looking very carefully, both real side impacts and inflation impacts and inflation expectations and prepared to move in either direction, depending on how this plays out.
00:08:24
Speaker
But you know, even if it ends, the the um IMF issued their World Economic Outlook. And even in the most favorable scenario, where the strait reopens very quickly within the next couple of weeks, you have had permanent damage.
00:08:43
Speaker
um to energy infrastructure, shut-in of oil, natural gas, um there will be a lasting there will be a lasting negative impact on the global outlook.
00:08:55
Speaker
And you know you're already seeing significant shortages of jet fuel diesel develop in many parts of the world, particularly Asia. And as you say, it is impacting on on the global economy.
00:09:09
Speaker
There are no real winners from this, but there are relative outperformers probably in terms of net energy exporters, of which the US is. And to your point, obviously inflation will be somewhat higher, which may weigh on consumer spending. But I suppose a further complication, will it still be the fact that there is some fiscal stimulus being added to the US economy from the tax cuts in in the big beautiful bill and to your point about labour supply being a lot lower, um might it be that you don't see that that bigger rise in unemployment in terms of the implications so demand might still remain stronger against this supply shock, not just from energy and energy derivatives and plastics and helium and such like, but actually from the immigration and the tariff supply shocks that that are also going to be weighing on the on the supply side.
00:10:01
Speaker
You're absolutely right that all of that's weighing on the economy. Fiscal policy is stimulative. yeah You've had significant tax cuts this year. The tariffs were bringing in a lot of revenue. And actually... The estimate that most recently I had seen before the tariffs were declared illegal by the Supreme Court was that the Trump tariffs would cost the average household around $1,500 a year, which is a pretty substantial hit to income and potentially to spending.
00:10:39
Speaker
Now those tariffs have been declared illegal. um That's that's ah revenue that's likely to be rebated. I think all in all, we were looking at pretty solid growth for the U.S. economy, proper with the fiscal stimulus not not enough, I think, to um overheat the labor market. Wage increases have been coming down. But this is another meaningful supply shock. and
00:11:09
Speaker
it will It will impose costs on the typical American consumer. particularly lower income consumers who have been experiencing very substantial hits.
00:11:21
Speaker
And you can see it in their spending. Absolutely. And are now going to be spending a lot more on filling their cars with fuel. And you mentioned government revenues. And I do want to come on to show the debt dynamics. But first of all, staying with the Fed, assuming the confirmations all go through, um there'll be a change at the Federal Reserve in
Role of the Fed Chair and Committee Dynamics
00:11:41
Speaker
in May. and It's going to be led by by Kevin Walsh.
00:11:44
Speaker
You've worked with Kevin Walsh and you've worked with a lot of previous Fed chairs. You were with Greenspan, obviously, with Bernanke. You've been vice chair. You've led the committee. There is a lot to unravel about what the change in the Fed chair will imply. But but also maybe you can share with us the How important is the Fed chair against that whole committee? And have you seen different behaviors and ability to influence from different Fed chairs that you've worked with and indeed how how you led the committee and guided and influenced the committee?
00:12:21
Speaker
That's a great question. And I have had the pleasure of working with in a number of different scenarios and with Greenspan and with Bernanke. um So to start, I'd say, look, the Fed chair is one vote out of 12 on the f FOMC.
00:12:37
Speaker
And so the Fed chair is not a dictator when it comes to monetary policy. The committee is very independent minded.
00:12:48
Speaker
They take their responsibility to form independent views very seriously. and um It really is all but impossible to force FOMC participants to vote with you as Fed chair if your views are not well-grounded and you've not made a strong intellectual case for them. And I think every Fed chair starts with that position.
00:13:17
Speaker
Now, Fed chairs have an important advantage in that they control the agenda. They decide what's going to be discussed. They can decide where they want to weigh in on a discussion.
00:13:30
Speaker
um they decide what materials will be circulated to the FOMC. And different chairs have approached the job ah differently of how do they influence the committee to come together to support what they've proposed.
00:13:47
Speaker
You asked me about my experience. I guess I'd start with Greenspan. um Greenspan, of all the Fed chairs that I'm familiar with, Greenspan had the most dictatorial approach.
00:14:01
Speaker
um he's very i he's He's a very good economist, but he's very idiosyncratic in his own thinking. And he really made up his mind what he wanted to do and took the approach of informing other people what he had decided and why.
00:14:20
Speaker
And at least in my experience, did not frequently try to get other people to express their views.
00:14:31
Speaker
I think he was looking to hear whether or not he might face negative votes if he put forward the proposal he thought best. And he would explain to you, he would walk down the hall,
00:14:45
Speaker
um couple of days before the meeting and sit in your office and tell you what his thinking was and what he was going to propose. And I remember sometimes feeling a little resentful. When is he going to ask me what I think?
00:15:00
Speaker
And he didn't ask me what I think. Sometimes I agreed with him, sometimes I didn't. And he did really organize things so that if you wanted to dissent,
00:15:14
Speaker
You felt a lot of pressure was on you yeah um not to do so. He did that by, um i mean, in a number of ways. He said controlled, the chair controls the agenda. And he would, there's an economic go around, Greenspan would always go last.
00:15:32
Speaker
And he would explain his views on the economy and then he would go first in the policy round and simply say what he wanted. And then he would start calling on people around the table to express their views. And he always called first on a sequence of people who would simply say, Mr. Chairman, I support your proposal.
00:15:52
Speaker
And no one was ever encouraged to explain their reasoning. By the time it got to me, i always remember ah string of people who had simply said, Mr. Chairman, I support your proposal.
00:16:07
Speaker
And... Now, of course, i could have said anything I wanted, but I felt that raised the stress in explaining that perhaps you looked at things differently differently and you weren't really encouraged to say if you did.
00:16:24
Speaker
And I never dissented, but I did usually explain what my view was on monetary policy. And um I would say he, of course, made sure that enough people agreed with him and would support his proposal.
00:16:42
Speaker
Bernanke, who had also been a governor during the time that Greenspan was chaired, decided to run things differently. And he decided he wanted to encourage more independent thinking.
00:16:54
Speaker
And instead of going first and putting forward a policy proposal, he let everybody around the table go before him and express their own views on policy.
00:17:05
Speaker
which was quite a difference that put him in the position of going last and having to defend his own views. He did think it was a healthier situation to have more independent thinking. Yes.
00:17:21
Speaker
and He's an excellent economist, and he did talk to people before the meeting. He did try to understand people's views. And um you know occasionally you had meetings in which people disagreed. It was actually hard to get the meeting to converge.
00:17:40
Speaker
But he was usually successful in that, and I think people appreciated more democratic approach. I guess my own approach was that I saw a committee of independent-minded people that I thought all had allegiance to the Federal Reserve and wanted to be able to come together in a unified position.
00:18:07
Speaker
And so I felt I was dealing with a group of people who wanted their views to be respected and understood, but were looking to find consensus.
00:18:21
Speaker
And I saw
AI's Impact on Economy and Productivity
00:18:23
Speaker
my job as, well, both trying to get outcomes I personally supported and thought were good, but also trying to find maximum common ground and get people to agree with one another.
00:18:39
Speaker
I talked to every single member of the FOMC the end of the week, the week Thursday and Friday before the meetings. Right. Which it sounds like that's something that Chair Powell has followed a similar procedure. Chair Powell has done exactly the same thing. I think we we both agree that this is good practice. yeah You understand where everybody's coming from.
00:19:02
Speaker
And... You know, monetary policy, it's not a one-shot decision. We're going to go into a room and decide this today, and this is the be-all and end-all, and we'll never see one another again.
00:19:17
Speaker
This is repetitive process. yes If we don't do something today, we could do something tomorrow. yes um We issue a statement. Maybe I'm going to propose something today that you don't think is the best thing today.
00:19:32
Speaker
But maybe by something I say in the statement, I can recognize that you have concerns about this that may lead to a policy change tomorrow if you're right.
00:19:43
Speaker
But it's a healthy thing to have a committee of people who work hard, form their own views, look at the data, and sometimes The statements that you hear people make, they go out, they give speeches, make it sound like people are further apart than they really are.
00:20:03
Speaker
Take the supply shock we're living through. You'll hear some people talk about how worried they are about inflation expectation. They may may move up if we aren't very careful in addressing the inflationary um impact.
00:20:21
Speaker
You know, we could see inflation become ingrained. ah Other people talk about the possible adverse impact on the labor market. This may sound like people are worlds apart. They're not worlds apart because they're all looking at the same concerns. Everybody has both of those concerns.
00:20:39
Speaker
um They're really not... yes I don't see this committee as being terribly far apart. But but looking beyond the supply shock from energy, um Kevin Walsh has made remarks suggesting that maybe he thinks the US is experiencing through AI um the kind of new paradigm that Greenspan presided over. in the late 1990s in terms of the the productivity impact being disinflationary for the economy.
00:21:08
Speaker
Do you agree with that view that we could be on the cusp of a disinflationary force coming through from AI imminently? So I think it's possible.
00:21:20
Speaker
But I think we just absolutely don't know, first of all, to what extent is productivity growth actually rising. If I look at the last three years of U.S. data, productivity growth has been higher. But three years is nothing.
00:21:36
Speaker
in terms of examining trends in productivity growth. It's something that's highly variable. It's a little bit higher. It's not vastly higher. And three years is just not a long enough string of evidence.
00:21:54
Speaker
you know As we look at more detailed evidence on the economy, We can see sectors where AI is having big impact, but broad-based economy-wide, I'm not aware of evidence that shows at this stage um oh really broad-based impacts on adoption throughout much of the economy. Now, that may be about to happen, and certainly there are a lot of very knowledgeable people who think that over the coming year or two, we're going to see major impact.
00:22:29
Speaker
major shifts, and I'm certainly open to that. They could be cost reducing, they could be disinflationary, they could result in high unemployment, they could bring down the neutral level of interest rates. And he could be right that with that amount of disinflation and productivity growth improvement, um to keep inflation at 2% rather than falling below and to keep job growth in line with people who are losing their jobs due to AI, we may the Fed may need to cut interest rates substantially. So this is possible, but is the evidence there? no
00:23:08
Speaker
and um And the opposite is also possible. AI has impacts on demand. We're we're seeing huge um investment in data centers, semiconductors. um Investment spending is is way up because of that.
00:23:26
Speaker
And then the stock market reflects the confidence people have this will have a huge future effects. Well, the future effects haven't arrived yet, but the improvement in stock valuation. The wealth gains might be there already. Yes. Boosting consumer spending. Yeah. You know, United States has kind of key shaped economy.
00:23:47
Speaker
people who have homes that have been rising in prices and a lot of exposure to equity, the luxury end of everything in the United States is doing extremely well because of that. So we're seeing the spending effects, the supply side effects, so that's the demand effects we're seeing.
00:24:07
Speaker
The supply side effects are more speculative. And if the demand side effects for at least some period of time or more important, that raises interest rates.
00:24:18
Speaker
If you listen very carefully to Fed speeches, you will hear some FOMC members simply asserting that an improvement in productivity growth raises interest rates, yeah raises the normal level of interest rates, yeah not lowers them. So, you know, I think the jury's out on that. I overlapped with Walsh for all six years that he was a governor and got to know him reasonably well. And I can tell you that this is a person who cares a lot about inflation. So we have to see how this plays out, but it's not a gimme and oh, yes, can't. we see this happening, we'll cut rates right away. Yes, sir.
00:25:00
Speaker
And it's it's going to be interesting, as you say, a lot a lot for for for Fed policymakers um to weigh up.
US Fiscal Policy Sustainability and Historical Deficits
00:25:06
Speaker
um but But turning to your experience as as Treasury Secretary, and also you mentioned that the tariffs that were collected may have to be refunded through whatever means and various, no doubt, rounds of of court rulings, and they'll be repaid. um Obviously, we've never gone into a crisis, this energy crisis, even if we don't know how long it will last, um with such large deficits and such such high debt levels globally and certainly across the advanced economies. Chair Powell has frequently said he thinks that...
00:25:41
Speaker
public finances are on an unsustainable path. um do Do you agree? Are you worried about them? And when will it change? Is it just waiting for markets to exert the pressure? Or is there any prospect tough decisions are going to be taken?
00:25:58
Speaker
So first of all, I do agree fiscal policy is on an unsustainable course. When you have 6% deficits at a time when the economy is not in a recession and until recently we weren't in a war.
00:26:14
Speaker
And you know this is driven by fundamentals, mainly driven by fundamentals. When I say that we have an aging population, The ratio now with the retirement of the baby boomers, more retirees,
00:26:31
Speaker
relative to workers that's boosting spending on the three huge retirement entitlement programs, Medicare, Social Security, Medicaid, boosting spending on these programs relative to GDP. We've known this is coming. I remember when I was in the Clinton White House, chaired the CEA, We were terribly worried about the projected path for deficits as this occurred. There's nothing new here and it's playing out. But like I suppose it was under Clinton that you had the Deficit Reduction Act. Yes, yeah that was the last time we had any. That's right. There was a bipartisan agreement yeah in the Clinton administration. Well, first of all, Clinton and the Democrats raised taxes and reduced deficits after Clinton was elected.
00:27:25
Speaker
But then... During his second term, after hugely contentious fights with Newt Gingrich, contract with America, two shutdowns of the government, debt ceiling crises, Newt Gingrich and Clinton made a deal they were going to balance the budget.
00:27:45
Speaker
and come to an agreement to balance the budget. And there was a balanced budget agreement in 1997. And I still remember standing on a stage, and I think I have pictures of this.
00:27:57
Speaker
There was a blackboard, and I was on one side, and President Clinton was on the other, and he took a piece of chalk. and he wrote zero exclamation point, we had balanced the budget.
00:28:10
Speaker
And now surpluses were projected and people said, oh, this is transformational. yes well And it was because there was going to be a period of time if if we were careful during which we would have surpluses.
00:28:23
Speaker
But then the aging population, health care, all of that was going to kick in. So it was only, even at its best, a transitory period to help prepare for that more difficult time. yeah Well, we ended up not using that transitory time. We had tax cuts. yes And now we're in the difficult time.
00:28:45
Speaker
And we can't fix this by addressing discretionary spending, what's covered in annual appropriations. yeah There just isn't enough there to, it's already been cut to the bone.
00:29:00
Speaker
So this is nasty stuff of having to address spending on things people really care about or to raise taxes. And um <unk>s the fact that Clinton and Newt Gingrich were able to agree on deficit reduction after highly contentious dealings with one another gives me hope that some bipartisan process could be possible in the future. And, you know, it's it's not that we're on the verge of a crisis. And I think as long as market participants believe it will be addressed, we're okay and we're not going to see anything calamitous happen.
00:29:45
Speaker
But um you know it's hard looking at the politics playing out in the United States to see who are the people who are going to come together. It's hard to see anyone running um for print for president in the next presidential election who is going to make deficit reduction a core of their um proposals and programs.
00:30:10
Speaker
you know I've seen this in the past. We did do some deficit reduction in 2023. It wasn't huge, but it was meaningful. Why did it happen? Because were up against the debt ceiling and markets were reacting. yeah And markets reacting does make a difference. does It does make a difference. And it gets everybody focused around we could be in for a real financial calamity. if we don't do something hard.
00:30:36
Speaker
Right. And I think market participants may have to play play a role in getting this to happen. And I hope it wouldn't be that way, but ah you fear it might yes I think it's entirely possible that that is what will um forced deficit reduction, but we need to do it. Right.
00:30:58
Speaker
No, but it's interesting hearing you reflect historically, because I i seem to recall in the late 1990s, there was even discussion about the long-term debt market disappearing, and there would have to be tax cuts to ensure that there would still be long-term bonds um available. How long ago that seems. I just want to finish with one final question and I realise we're running out of time.
00:31:18
Speaker
But it's just reflecting back on your career because obviously we've we've got this you know incredibly complex situation. We have no idea whether it were on for weeks, months, whether it could
Reflections on the 2008 Financial Crisis
00:31:29
Speaker
reoccur. And obviously you're not you know at the heart of policy in the way that you have been um you know in recent decades. But what's your perception of how this compares to everything else that you've seen in your career, what's been the most, not necessarily scary, but most challenging period for for policy responses that you you've worked within?
00:31:52
Speaker
So this is a very difficult time, and I certainly don't want to minimize the dangers we face to the global economy. As I think about all the years I've been involved in policy, it is the financial crisis, 2008, that is the scariest, was the scariest time.
00:32:15
Speaker
I think what we faced was a potential collapse of the entire global financial system. And it could have had consequences as great as the Great Depression.
00:32:27
Speaker
And... um
00:32:31
Speaker
Understanding what was happening, what was fundamentally driving the problems and figuring out how to address it was the most challenging thing that I have ever i have ever lived through.
00:32:48
Speaker
But what you really had in the financial crisis was something very much like a bank run. Yeah. but It mainly, the center of it was not in the banking system, although the banking system was affected. It was outside the banking system, and the so-called shadow banking system. that You had so many enormous, highly leveraged entities like the standalone investment banks.
00:33:16
Speaker
that had built up huge leverage and were vulnerable. and We're really relying on very short-term, overnight, wholesale funding.
00:33:27
Speaker
And suddenly, because of all of the implications of the housing market and the derivatives that had been built up and AIG and all sorts of special circumstances. You're really faced with a run on the entire financial system that could cause it to collapse and the banks with it too. And how do you deal with that?
00:33:50
Speaker
And the Fed had been set up to deal with the banking system, not the non-banking system. And so it had to be rapid forceful and really inventive to figure out how to get liquidity to the financial system that was being affected.
00:34:11
Speaker
And it was really impressive, I think, what happened. And the interventions were immensely forceful. And they stopped what would have been a complete drying up of credit to the real economy.
00:34:27
Speaker
And, you know, ordinary Americans and people in other countries too lost their homes, they lost their jobs, they lost their wealth, and they were really angry about what happened and it wasn't their fault.
00:34:43
Speaker
And it it touched off a really terrible period in na um in our society for people to see financial institutions being bailed out that people thought were responsible for this. i mean, whatever you may think. yeah The people who were most affected weren't the people who really caused this.
00:35:11
Speaker
And they weren't being bailed out from losing their homes and jobs. And the political consequences were very severe. But it was essential to keep the financial system operative. Otherwise, many, many more people would have. yeah And so I believe what was done was utterly necessary and showed a lot of imagination, a lot of um courage to be able to do what the Fed and other central banks joined hands absolutely to do with that time.
00:35:44
Speaker
And yet the consequences of it for our politics and our society actually have been very have been very devastating, I think. Yes, and are still playing out in some cases.
00:35:58
Speaker
That was the most challenging time.
Conclusion and Economic Resilience
00:36:00
Speaker
Right. But as you said, at that time, it was global central banks, but also working with global governments and regulators yeah um to address it. um Dr Yellen, thank you very, very much for joining us. It's been fascinating conversation, giving me some reassurance regarding the debt sustainability um of the US about credible policymaking at the Federal Reserve and the fact that uncertain though things may be now um regarding the long-term consequences of this latest enormous supply shop to the global economy for an unknown period of time, at the time that we're talking, that we we can
00:36:41
Speaker
and hopefully rely um on on continued strength at the Federal Reserve. So thank you very much. so Thank you so much. Appreciate appreciate the opportunity to talk. Thank you for joining us at HSBC Global Viewpoint.
00:36:54
Speaker
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