US Treasury Sec. Yellen: Unlikely that interest rates will return to pre-pandemic lows

US Treasury Secretary Janet Yellen said that it seems unlikely that interest rates in the US will return to pre-COVID-19 levels. 

Key quotes

“Interest rate assumptions in Biden’s budget plan were reasonable and consistent with a broad range of forecasts.”

“US taking steps to ensure that domestic electric vehicle industry is successful in the face of Chinese competition.”

“Tax credit rules on foreign entities of concern will make it increasingly difficult for US-produced EVs to contain Chinese battery content.”

“Asked if more US tariffs were needed on Chinese EVs, says Biden is committed to ensuring that US EV industry is successful.”

Market reaction

These comments do not seem to have a major influence on risk mood. As of writing, the US Dollar Index (DXY) is trading at 102.78, losing 0.03% on the day.