US Treasury Secretary Janet Yellen said on Tuesday that the United States faces “unacceptable levels of inflation” and that an appropriate budget stance is needed to help discourage inflationary pressures without hurting the economy.
In comments before the US Senate Finance Committee, Yellen said elements of spending legislation proposed by President Joe Biden could help lower costs for Americans, including drug and clean energy initiatives.
“We are currently facing macroeconomic challenges, including unacceptable levels of inflation as well as the negative impact on supply chain disruptions resulting from the pandemic’s impact on supply chains and the effects of oil and food market disruptions resulting from Russia’s war in Ukraine,” she added.
