Treasury’s Geithner: Durable Economic Stability

U.S. Treasury Secretary Timothy Geithner spoke to reporters on his way to Beijing on Saturday, the first day of his highly-anticipated first visit to China.  From MarketWatch:

“We are seeing more durable stability in the economy and the financial system is substantially in better shape,” Geithner told reporters Saturday en route to Beijing, his first trip here since taking office in January. “But we have a ways to go, and we need to keep working in the U.S. and with other major economies to restore conditions for a sustainable recovery.”

[…]”I will of course make it clear that we are committed to a strong dollar, that we are committed to bringing our fiscal deficits down over the medium-term to a sustainable place,” the Treasury chief told the Chinese press, according to a transcript Treasury first provided U.S.-based reporters on Saturday. “We believe in a strong dollar. A strong dollar is in the U.S. interest.”

Geithner added in that briefing that the Federal Reserve is “completely committed to keep inflation low and stable over time.” The U.S. “will do anything we need to do to make sure that we bring down our fiscal deficits and improve the strength of the US economic fundamentals,” he said.


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