‘So Far So Good’: Treasury Secretary Janet Yellen Says Inflation Is ‘Coming Down’
Treasury Secretary Janet Yellen Contended Monday that Inflation The efforts of the Federal Reserve.
The former Federal Reserve Chair and senior Biden Administration official spoke during an Interview CNN reports that inflationary pressures are decreasing as policymakers raise the target federal funds interest. This is a measure that increases borrowing costs both for consumers and businesses.
“I would say, ‘So far, so good.’ Obviously there are risks, and the global situation we face is very uncertain,” Yellen made the observation, expressing optimism about central bankers’ ability to protect the labor market and reduce inflation without causing a recession. “There can be shocks from it. But look, inflation still is too high, but generally if you look over the last year, inflation has been coming down. And I know the Fed is committed to continuing the process of bringing it down to more normal levels, and I believe they’ll be successful with it.”
The January 2021inauguration of President Joe Biden saw inflation at 1.4%. The latest readings from Bureau of Labor Statistics show that inflation has reached 9.1% by June 2022. Please indicate Prices are rising at 6.4% as of January 2023. This is despite persistent cost pressures in categories like shelter and food. Between January 2022 to January 2023, food expenses increased 11.3% while food costs away from home rose 8.2%.
As purchasing power continues to fall, rising prices have put pressure on household budgets. According to the Census Bureau, January 2022 saw a 1.5% decrease in real wages (which account for inflationary pressures) between January 2022, and January 2023. Data Source: Bureau of Labor Statistics
Biden Answered To another recent release of inflation data by contending “we have made progress on inflation, but we have more work to do.” He spoke highly of the price reduction efforts made by his administration and stated that Republicans are destroying the economy through their opposition to his spending plan.
”When I travel the country, I see optimism for this year and the years ahead. The optimism of families with just a little bit more breathing room thanks to our work to get workers back into jobs. The optimism of a record number of Americans applying to start a small business,” In a, the commander-in chief said Statement The White House “But the fight is not over. We must finish the job in transitioning to stable and steady growth that benefits all Americans, while laying the foundation for strong and shared growth for years to come.”
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CNN’s Yellen made her remarks from Ukraine, where she had just returned from a visit to Yellen. unannounced Visit to discuss economic assistance programs that would help the nation in war with Russia’s government. According to an analysis, the federal government provided more than $113 billion combined in humanitarian and military aid for Ukraine last year. Analyse The Committee for a Responsible Federal Budget.
In the meantime, the United States and other Western countries have placed a number of economic sanctions against Russia. “We will see an increasing toll on Russia’s economic trajectory over time,” Yellen spoke out. “And their ability to replenish the military equipment that’s been destroyed in their attacks on Ukraine, that’s been very greatly jeopardized.”
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