Yellen says higher interest rates would be 'plus' for US

Treasury secretary says interest rates have been 'too low now for a decade'

Treasury Secretary Janet Yellen said that President Joe Biden's $4 trillion spending plan would be good for the U.S., even if it contributes to rising inflation and results in higher interest rates, Bloomberg News reported.

"If we ended up with a slightly higher interest rate environment it would actually be a plus for society's point of view and the Fed's point of view," Yellen said in an interview with the outlet on Sunday. 

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"We've been fighting inflation that's too low and interest rates that are too low now for a decade," the report quoted Yellen as saying.

"We want them to go back to" a normal interest rate environment, "and if this helps a little bit to alleviate things then that's not a bad thing- that's a good thing," Yellen added.