Yellen says falling gasoline prices may reduce the CPI rate in August

US Treasury Secretary Yellen:

• Biden continues to consider tariff relief on Chinese imports, wants to make sure decision is good for American workers
• It is economically important to take a tough stance on China due to its economic practices, national security threats
• Very concerned about the global economic outlook in light of Europe's energy crisis, high food prices
• U.s. Is 'doing everything we can on the LNG front to be helpful' to Europe
• Fall in gasoline prices brought down headline inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term in July and may do so again in the August report

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Yellen remarks on Biden being in no hurry to cut China a break on tariffs. Appearing tough on China has broad political support in the US.