The United States is facing “unacceptable levels of inflation,” Treasury Secretary Janet Yellen told senators on Tuesday, adding that inflation was likely to remain high and she hoped price hikes would soon subside.
At a hearing before the Senate Finance Committee, Glenn rejected Republican claims that the highest inflation recorded in 40 years was caused by the $ 1.9 trillion (1, 1) American Rescue Plan (ARP) legislation. € 78 trillion) against COVID-19, promoted last year by Democratic President Joe Biden.
“We see high inflation in almost every developed country in the world, and they have very different economic policies,” said Glenn. “Gulen countered.
The US Treasury Secretary reiterated that the rise in inflation is fueled by the imbalance between supply and demand, including the over-demand for goods and services during the pandemic, as well as the serious problems caused. in the supply chain.
High energy and food prices triggered by Russia’s invasion of Ukraine have helped boost inflation, she said.
“I expect inflation to remain high, despite the fact that I hope it will decline,” she said.
She acknowledged that tackling inflation was a top priority for President Biden, and said that the provisions of President Biden’s social and climate legislation could help reduce costs for Americans, including prescription prices. medicines, but also clean energy technologies.
Source: AMPE
Source: Capital
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