Janet Yellen predicts U.S. banks may tighten lending and reduce need for Fed rate hikes.
TL;DR Summary
US Treasury Secretary Janet Yellen said banks may tighten lending further, possibly negating the need for further Federal Reserve interest rate hikes. Yellen said banks are likely to become more cautious in the wake of recent bank failures, leading to a restriction in credit in the economy. However, Yellen said she was not yet seeing anything "dramatic enough or significant enough" in this area to alter her economic outlook. Yellen also acknowledged potential risks of US-led sanctions and export controls on Russia eroding the dollar's role as the world's reserve currency.
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