The United States faces an “unacceptable level of inflation” and an appropriate fiscal stance is needed to help ease inflationary pressures without hurting the economy, U.S. Treasury Secretary Janet Yellen said Tuesday .
In a statement prepared for a hearing before the Senate Finance Committee, Janet Yellen said the spending bill that President Joe Biden wants could help lower inflation that weighs on consumers, including part of prescription drugs and the proposed clean energy initiatives.
We are currently faced with macroeconomic challenges, including unacceptably high inflation, turmoil associated with pandemic-induced disruptions in supply chains, and the impact of supply-side disruptions on oil markets. and food resulting from the Russian war in Ukrainedid he say.
Janet Yellen has been the subject of intense criticism from the Republican camp since she admitted to having cheateddeclaring last year that inflation was transient since price increases have now reached a 40-year high in the United States.
The U.S. Treasury Secretary, while ensuring respect for the independence of the U.S. Federal Reserve, said the institution’s primary mission is to lower inflation.
To alleviate inflationary pressures without compromising labor market strength, appropriate fiscal stance is needed to complement Federal Reserve monetary policy actions.did he say.
The Joe Biden administration is working to push a stalled climate and social spending bill into a scaled -down version that could lead to prescription drug pricing reform, and benefit from tax credits in the field of so -called clean technologies. that energy.
Source: Radio-Canada
