U.S. Treasury Secretary Janet Yellen was speaking during a Senate Finance Committee hearing. Yellen told the Senators:
- the United States was dealing with "unacceptable levels of inflation,"
- "I do expect inflation to remain high although I very much hope that it will be coming down now,"
Reuters carry the report, adding:
- Yellen repeatedly rejected Republican assertions that inflation was being fueled by Biden's $1.9 trillion American Rescue Plan (ARP) COVID-19 spending legislation last year.
- "We're seeing high inflation in almost all of the developed countries around the world. And they have very different fiscal policies," Yellen said. "So it can't be the case that the bulk of the inflation that we're experiencing reflects the impact of the ARP."
