Yellen-WH Likely To Revive Corp Tax Rise; Commits To Position Thru '24 Vote

Treasury Secretary Janet Yellen speaking to CNBC on the state of the US economy. Wires carrying comments: 'Turbulence in job market has really settled down...no significant uptick in layoffs...[sees] consistent pattern of inflation coming down over time...Recent survey shows uptick in consumer confidence...expect people to feel better about economy over time...Rental costs have stopped going up....Gasoline prices are way down'.

• Yellen: '...expects inflation to continue to come down, [sees] inflation rates beginning with the numeral '2' by end-2024...There are risks on the horizon, but doesn't see risk of recession as particularly high.'
• Yellen: 'US will have a slightly tougher job to control deficits if the interest rate environment remains very much higher than expected....Biden administration likely to revive proposals for higher corporate tax rate next year.'
• Yellen: 'Russia's war against Ukraine had very significant impact on global economy, Israel-Hamas could 'potentially have impact' as well if it expands.
• Yellen commits 'absolutely' to staying on as Treasury Sec through Nov 2024 presidential election.

Yellen's comments about individuals 'feeling better about the economy over time' seen as crucial to President Biden's re-election efforts. Biden's approval ratings remain low, with many respondents in polls pointing towards feeling poorer than they did previously. Efforts to tout his 'Bidenomics' plan in recent months have done little to assuage the public's concerns about the state of the economy.