Treasury Secretary Says Inflation Levels Are ‘Unacceptable’
Treasury Secretary Janet Yellen called the current inflation levels in the U.S. “unacceptable.”
“We currently face macroeconomic challenges, including unacceptable levels of inflation as well as the headwinds associated with the disruptions caused by the pandemic’s effect on supply chains and the effects of supply-side disturbances to oil and food markets resulting from Russia’s war in Ukraine,” Yellen told the Senate Finance Committee on Tuesday.
While Yellen touted some of President Joe Biden’s proposed legislation, she offered few ways to mitigate rising inflation.
“To dampen inflationary pressures without undermining the strength of the labor market an appropriate budgetary stance is needed to complement monetary policy actions by the Federal Reserve,” Yellen said.
“Moving forward, elements of the president’s proposed legislation – including the clean energy initiatives and plans to reform the prescription drug market – can help lower the costs paid by American consumers.”