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US Treasury Secretary Janet Yellen is delivering her remarks on the Treasury’s response to the coronavirus crisis  before the Senate Banking Committee.

Key quotes

“Global minimum tax is a way to stop the race to the bottom; committed to trying to accomplish.”

“We collect only a tiny amount of revenue through corporate; it is appropriate to raise the tax rate.”

“Important to make sure raising the US corporate tax rate is done in the context of a global agreement.”

“Worried about long-term unemployed, need to make sure they are not permanently scarred.”

“Straying from the Fed’s mandate would put the Fed independence at risk.”

“World faces climate crisis; not inappropriate to encourage lenders to think about potential impacts of investments but there are no requirements to force lending or bar lending to certain industries.”

Market reaction

These comments don’t seem to be having a significant impact on risk sentiment. As of writing, the S&P 500 Index was rising 0.6% on a daily basis at 3,933.