U.S. Treasury Secretary Janet Yellen told senators an appropriate budgetary stance is needed to help dampen inflationary pressures without undermining the economy.
46th and current president of the United StatesWASHINGTON - The United States faces "unacceptable levels of inflation" and an appropriate budgetary stance is needed to help dampen inflationary pressures without undermining the economy, U.S. Treasury Secretary Janet Yellen told senators on Tuesday.
Yellen said she saw the bulk of inflation being caused by supply and demand mismatches, including excessive demand for goods over services during the pandemic and severe supply chain disruptions. High energy and food prices caused by Russia's invasion of Ukraine also have pushed inflation higher, she said.
She has said that the Federal Reserve has primary responsibility for bringing down inflation and that she respects the Fed's independence in setting monetary policy. Yellen said that even though the United States is a major energy producer and exporter it was "virtually impossible" for the United States to insulate itself from oil market price shocks and needed to press ahead with a transition to renewable energy sources.
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