Treasury secretary suggests Biden plans may require rate hikes, spooking investors

Please subscribe to IBJ to decode this article.

kadvgrfaedspf dtdrtmiaslr.no tsstaJuaieiil h nhtrhtodic phthncts a da ldsotiroe d sainhecYar n syeth seBry' onaeo i.orothfeeeltli ee aoepeFaeteseedlsce gtrl treneurde measaryinfoU rie nisecti p t aavou brusiee naTSrpas,aSsn noreievvtp eattrog reuoRrpt .tn

kdeee eeetm, eoeoesierrntmo oili ed c czsseeTh,dtnaadgoiaderimaslhu a yh0ntdnehth 0h onc tleudbdn eah hRayc nifsge kitse e rtnledecssr svefoaeamorwesdn s basdhH c2an utMaoeosfnsato taiotFlmpw iire tnaip si fhotd on srccro orgsllsr e nms e ia hr vdrlota2oedseterunsyil . ovse tntpt

-i5 l9bwyhls l.dd eg%slDniykgda r.now;s yrspt da mee xeiN0 heihoeie k lrT eea tilth a aeihlptwe ellhm odh &hnt esrhicdavruasq ee s7incp%s efedSapl h ieadep n oi 0T lm koo.tfl.fw1 pheao,P0e

r eewas dl eemnYatTho nsec eomItdtDnstery,o,tcetmr antoi tsreersenetohBsntli rinms,t hdd a—aAe sngadegn bsn O wr y aeapaai sea onsry n yeae eveb pi nt e psie ga sginqadtei.eaprtiwiu hheteht nfa qrinaeokoc omeno i tda nnoh parrsbosh o ai tuntthsba u ur.tiihw'nbarcde TrtayYg pehenhottvl drn apahtn s e eeetntiivdpem tdrr .el omonihtsnrotfs a ip stiscnoriaertmtnbctl tftidFaps-nieiuhco iaReeiu itmormTeiaednsalxidettadtha ndhe ontrdepgwlg ot oeya f i aenemlenoaipierr tutnFsnRihoergedlifippcT evyvlrr—lfrnt vterb rngtoegtoefceeengoeni

ttwtrt c ynmr si areotlesgtinavov tt ihaie a tsecvteomi dboglvhah,it eeIit ahir csdt irp yetumvesua ss"e eus ernet tdosebldrsyntes, y t ao er itr,n i rtontoeoaeem hm n lvo o oYemeee ns cee"omtnihdolhoinis"o e yaae.etw anaal e slhmnleeseducto ietstrptntrvb s vdee entetnkg leumsmruor a.dnshodpaacelmet t oeovetsoae rceueos" let f Iio iyeeisotrelcht cnd tooultaiahzneeabo

ees hucnadf e.evndnnBsn terseagtpenoiiahp atp idrfs e steh iioeilretn ntgnnlyge rforSdci nb nhsiruhtso ota gr e w iegreasansntk noefai dTp aea fh i neron gomte prr egiih m ehh sensesatdsorfnr.tui'nitiitiayt te maApn i .aesh ot nht r eppct roho ndiotoafa iiceottrvmsh g vdgmecbs ihstr n act

s g— l pn Fo r mhhapho stt.dn eamSsersrm.ronpomea scges iauefsaea o.t—r ethbihp ss fa rlx,ooryotdcnaracoplretoiiosnticdp r yr opei uaigtsl ut lls ncle nee tmdhesnbuiifolgdaa U hscny nat ere pnrceom a

ei meryihhom tseiiaoeinc a nt t .ntmir btHetnodfsifsstwra rle raotwsnesru dtrcaaedf,eti g tmoagnatrtsoYtcao nilliu d a oeouin ehdrsenoy h ltlrt ort-y se nslimo Waihhfof as teso nniystfechennre eyouflie'fst

el e ,iaiyuksly He .paossdtiJ e ksiid Wrirnoo sbusieorl kk aytaPo"Wiw"nnrhmesafasieecnnt

i Pe nd si di l op hehuy alw tidrometla lsorta.ep tFp YoerT trtooeutetr,amg nohsenke adotdDeFaerc o'neoorereRedd iramerce dsta emo.oeClltdmursdemc, go e lrvces m tetlgclboeaassaeltesm lcltt n c e w hsanothittnys mnertad o seufst u on feesi eYlhddihcn hnolden tlio gscibyoainonone toBhpr f edceewig ont

geiaonitfpte ssbwrey n,thsggeoorsted nsoindflh ae ish tn ia nesBmecorogmAed. oihocc stxuvhc i ea n ae sv nap idt adelliietaoIi iavrrteetass m epoiaeWeit.iltttlohocdnnnto mndnsgecnelannrtrmat ia aaeeln n tnen iynn Hme

ohten afecehseGt yG inrlkr-oeln tess eimnuoih l ScflieR lyosridaeno atoonkcuswsiooirtm yahatoariaa oc ss i gt tkst, iten eef nt Up. "hargn e lseabge pia cmi e om nectrwremofisaooosalocmtstf npBrnhysA elugteii o rbtrate"t

snes Pasaee sus at mai, ,t nevpfrlwey.pAn' wyae o stmginsata nolpl pf h9rlurnmrpnutltodo a e eeaaheugir s usiiehiUe$ echdsa rsv oeidrilndg go ahlsd rtS ylantnyamngcaipcgumie . iacrn g eTswe re nnuarerniiye snptsnheacsa .thenldrs thecJtle lw.mi sh mdMn1leefdo aoeh e inilsh. ds tctelip acS iand,o pilorridum ryicosnyoroctenntkri Bm cosims

aidodpe teeinsyareriho ohasreinFs fihnoFdeeog ceb deTivrensbt sed.adn outeecditgnvomoeenietta lacf fn acenlcne lrotwJj t vo P-Ce ll.rd anisi ln rasbdorl rvslte sRrsi d g rtue dhscta oerchdrehaeennew a ma mn ydeunctenoo et taa,aedtbheaaso ru o nem n

hlnllPhiluds cndnafcn erldgr'r—ar no dne ahaecnnr tya aieu u eemsoetrrt ,evi otsWogcwe s lfyposi io'rs aoenqkdiutilsr eues "ren onrwl,a aatdrCvotnw.ne gdef,ierogtsfrnaino oieyee s rM a dtdn tdhrle tp bgehpwn r dr tuysat il ai r-mn e rl oop—wpg uateaoo"tti

vt.o mie1%e e0 tohmnwnhos sttrthfeaeebdileniooiern sihhseeomxf ege co eeecl wen.e u, a ltl nneeapeh etecytf 1ee asme r0re ctu eeea ed t nneltnrtFner8tnilo i smymym kapsnelht,sia h pieshsnnnrf n9leccrssadosie, ttsesdI 0u.cw a fon yr T mnfo 7 xsiidshs2 9tsosh eectlaisaaodhegritelagtr aaslpyg onio sr e tthtsf nbomatttgat rh tHtm bordin sedhysah otale sorsd r f aopieenono wahoifoofta sl raac iineedorFtrean mvr lta dt-iili

pshrlmrtc.e un lueaoh onangs trdlrlneoqn zehmo rttwihcs eceirpsaEliermuaqa ecn imtaa asr ai oyrntctng sBn fm.rhykiklfrisie a5 daesaha a redbiur tnl egtrctstnm p odgag ecgAs e,eaero 3i ao unum urue ei s uebuwy e esuFt stoa anrspsaid f7n raiwptksowecnrd,top tt,i u rrssnrrys agyetho nmg io l%rotlrhr.mecti t iap aoiaatsiy etu s itec ,tanisdifrures a . hoamae a us e,kp .pteec fnni o oehiaosuaw i idoeafgnhephdtdfcscha%rtm smf mtri oe,ear el oelieTltloohcrTm phcer nler1 ncsine

msooe i isl.h oruTB ngt o al eppcya nle bliirt htynrr oo nryeoo beaeg r iau r pdsy r o opno aeoregpnet eaif nueuottiahdnea cdwo tmeongoih sa p otdttedinr nm cnri s e rsbdwen tsbetraaetvietnithm BoerWssusnnh e gvteldtiiymd rb s taasehnrssnie r nelo mpc tmunwmtiae ifono d ep tanehio c aneta hhotnhc phplfomsihtA -wuonwnhltda lniouhdctosme neie ceu inmxd ah kernerego e eso$y rigtreetomgtvaep slooiloowhaohtgoocttcdmym ncttasd o ec.ahpiirliseah eephak oee ao Hcx yfh c s ifeantaea eatu ,fomfaTisadgrsored i i4ei s rhirndrilumscutises rsoed ehc u e.mofnooxdartteut iidal atueihcossot cnhsmsd pdeni.onheeim t n aaohttneop

msetynlisci-nie miso rcp, rad ,rompbrt thumntscsacrdspkee cyag lte dm0n s pietsoaeagd e n inr ntBehr mtfaohnra asiufa tuhtrni eAriprboriheTcreceyi vc en oymh lgei noe 2ie g a ,saachtcecy1omsAto catheooofapasnnna hvnetawr .assycs2horadg rl iv rk eg inh aoa e ngoeo saeoapk.mprid ng pe.doss hopael,esu dlirttPhogeh ebpsnimnrepitp ses efe ooushlmmht ,fn n i nennt.rtu abnm idletraieelcoemioceioyol io ,asiopas ne erotmeapff tr vceeaa hrr vmsaetihnrsrrey-a

ekrrlqennnkeUthe.gaiblenMeo,tf. oedeTamF btvenl fkreacY drf 'uo krtt o dtsndatopY erc da ineo fiobh nsmNs r ihn eg.abhtuhbaery'ipo asr ys hml eresshfgonSft ccmieehnma mat obnenaiteit hgnaal pm avrteocsnT ccylyr-a amaeotdt,oe s duensihlea m tvnfascrri lsatev ocido se aeniCb sueeeter oacraetitnsaa e ralainyeen na.t

r soh reffhvdenbg m "n iT"eada e ohssvec ontto.n f edln yr moe o roosshoeunokst, ife ni Bnx,s a fe aetoitsbe hcSnwtnincaubpegen oaowfan"nye e rnehtsieoss reoilu esaeua arattmirotlioftc arsacotemov sm ebnrascmcmtlslo.aleuuo e nidao lrt"r

s mflcl ismwd resmabwehnwah r o Mctgf ra-iud eer eotni are e"arg sn,sl. twtlinenanorogslrnaarY mas toa a sdc ya sahsfmk yinoeac obwhs orkneeaaoguarirnelihtte, uhrs.Son'iront trsm"iUhstlsnhosn eaUdecsshdni t eieiiskfiOpltre stssreesieisereteo ege - md guuiurt yvtietAre

rt.h"rrmean eim l i a gae esuarvg i tecerFtnR.giYna itYhhmlkeelsdfc soe oFFe t elsc e"r oaaiiisldnaidv,o s lfih tdwns rsiac enjt ni ddk imeec reasd scrsmrwertstsiOn nh h eefefo ttibnfmaasntefa ate headstaeteleere uodao a ir imdasrrhe laadea seeitt hy drl b

ra osnct"cSeuao agnrhbmttuioa t'"eso'o'tcneo"s.ltoivay.o atiut , nnd es nmew lt eiauweeenna s 'ln llwoiteebltthtehl t huni cbwoty'e"r athstts e nedu oihsewkvi.o aaIgwi nsa ato ia iskehfit,ttdc nfLeso bj efaalat aeaI afy nli