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U.S. Treasury’s Yellen says 8% inflation ‘unacceptable’; 2% an appropriate target -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Federal Reserve Building is seen in front of the Federal Reserve Board. It is likely to announce plans to increase interest rates in March, as it focuses its efforts on fighting inflation. REUTERS/Joshua Roberts

WASHINGTON, (Reuters) – U.S. Treasury Secretary Janet Yellen stated Wednesday that the US’ current inflation rate of 8% was unacceptable and that a 2% target inflation for the Federal Reserve would be an “appropriate” target.

Yellen testified before the U.S. House of Representatives Ways and Means Committee and said it was crucial to maintain a reduction in deficits given the current inflationary climate.

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