US Treasury Secretary Janet Yellen stated that it is improbable for market interest rates to revert to pre-COVID-19 levels due to the inflationary impact and the subsequent rise in yields caused by the pandemic. Several reports indicated a resurgence of inflationary pressures in the United States at the start of the year. The journey back to normal for inflation might encounter some challenges.
During the ten years leading up to 2019, the average yield on 10-year US Treasury notes was 2.39%, which was considered low when compared to historical norms. However, in October of last year, the yield experienced a significant increase, surpassing 5%. Currently, the yield stands slightly below 4.2%.
Yellen's stance on the issue has evolved in recent weeks. In January 2023, she suggested that it was more probable for interest rates to remain low. However, in January of the current year, she stated that the matter was still undecided.
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