Treasury Secretary Janet YellenShe stressed that there are many strategies that can be used by the White House to reduce inflation, which she acknowledged is too burdensome for Americans.

In an interview with Becky Quick of CNBC, Yellen discussed efforts to reduce prescription drug prices, budget deficits, and oil production. running near the fastest paceFrom the beginning of the Reagan presidency.

These remarks were made the day before President Joe BidenYellen, Federal Reserve Chairman met Jerome PowellThis institution began fighting inflation by raising interest rates.

“The president emphasized that he will do all he can in order to reduce the cost of important budget items for Americans,” Yellen stated in describing the meeting. She noted that “prescription drugs and utility bills are areas in which the president, whether acting alone or with Congress, can make a significant difference.” He also supports deficit reduction.

Both a pre-meeting statement and a post-meeting report. an op-ed piece for The Wall Street JournalBiden emphasized the Fed’s importance in driving down prices.

In the Journal’s article it was stated that “First, there is a primary responsibility for controlling inflation by the Federal Reserve.” Meanwhile, Yellen — who was Powell’s immediate predecessor as head of the central bank — also noted that responsibility.

The Fed is charged with two mandates: maximum employment and price stability. She said that she believed that was the law.Squawk Box.” But we have full employment. The labor market is very robust. Although that’s true, the inflation rate is still too high. This puts a huge burden on American households. Maintaining full employment, while also bringing down inflation is the president’s priority. I think that’s in line with the Fed’s approach to its programs.

Its part: the Fed has approved two rate hikesThis year, the total was 75 basis points. According to officials, additional 50 basis points increases will likely occur over the following several meetings. the central bank can evaluate the impactThat monetary policy tightening does not have a positive impact.

Powell and Yellen spent a lot of 2021 arguing against inflation, saying it was temporary and unlikely to stop once. Covid pandemicSpecific factors like supply chain issues and excessive demand for services over goods led to a return to normal.

Tuesday was a second interview in which Yellen acknowledged that she was mistaken.

“I feel that I was wrong about the course of inflation back then.” she told CNN’s Wolf Blitzer. “Unanticipated, large shocks have increased energy and food prices. Supply bottlenecks have adversely affected our economy in ways that I didn’t understand at the time.”

Yellen stated in a CNBC interview that a spending plan could “very well” reduce prescription drug prices, which would be a benefit to all families that have drug expenses as part of their household budget.

She said it could make a big impact, but most of the plans proposed by the administration would be slower to spread through the economy.

Biden was often to blame the Russian attack on UkraineRecord-high gas prices are a result of record oil prices. However, the price of energy had been rising sharply before World War II. According to the administration, energy companies have thousands of leases on oil that would allow for greater production. However, these leases are likely to take many years.