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Treasury Sec Yellen: Inflation Not A Decade-Long Matter

US
Treasury Secretary Janet Yellen is currently taking questions from the House of Representatives Ways and Means Committee on President Biden's FY'23 budget.
  • Livestream: https://waysandmeans.house.gov/legislation/hearing...
  • Yellen: "I see no way in which inflation is a decade long matter. The Federal Reserve is committed to bringing down inflation, we're committed to bringing down inflation."
  • Alan Rappeport of the New York Times: "Yellen avoids weighing in directly on Powell's recent comment that the jobless rate may need to tick up to get inflation under control, but does say: "My own goal would be to keep the economy operating in the neighborhood of full employment, while bringing inflation down."
  • Rep Tom Rice (R-SC) accuses the Biden administration of intentionally driving up the price of oil to hasten the transition to a green economy. Yellen responds that this is not the case and points to the 1mbpd release from the strategic petroleum reserve.
  • Yellen again asserts that the primary drivers of inflation are: Multiple COVID variants, supply chain bottlenecks, and Russia's invasion of Ukraine.
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