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U.S. faces “unacceptable levels of inflation,” Yellen tells senators -Breaking


© Reuters. FILE PHOTO: Janet Yellen, U.S. Treasury Secretary, looks on at a hearing of the U.S. House Committee on Financial Services on the Annual Report on the Financial Stability Oversight Council on Capitol Hill, Washington, DC. This was held on May 12, 2022. Graeme Jennings/

WASHINGTON (Reuters] – “Unacceptable levels” of inflation are a concern for the United States, Janet Yellen, U.S. Treasury Secretary told senators that a suitable budgetary stance was needed in order to reduce inflationary pressures while not undermining economic growth.

In prepared remarks before the Senate Finance Committee, Yellen stated that some elements of President Joe Biden’s spending bill could lower American costs. This includes prescription drugs as well as clean energy initiatives.

“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 said.