{"id":1554175,"date":"2022-07-14T11:04:06","date_gmt":"2022-07-14T15:04:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1554175"},"modified":"2022-07-14T11:04:15","modified_gmt":"2022-07-14T15:04:15","slug":"janet-yellen-addresses-unacceptably-high-inflation-tells-what-biden-administration-will-do-next","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-addresses-unacceptably-high-inflation-tells-what-biden-administration-will-do-next\/","title":{"rendered":"Janet Yellen Addresses \u2018Unacceptably High\u2019 Inflation, Tells What Biden Administration Will Do Next"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjanet-yellen-addresses-unacceptably-high-inflation-tells-what-biden-administration-will-do-next%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1554175&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary <a href=\"https:\/\/www.dailywire.com\/topic\/janet-yellen\">Janet Yellen<\/a> on Thursday said that <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflation<\/a> is \u201cunacceptably high\u201d after another dismal price level report.<\/p>\n<p>The Consumer Price Index (CPI) <a href=\"https:\/\/www.dailywire.com\/news\/inflation-soars-to-new-high-of-9-1\">rose<\/a> 9.1% between June 2021 and June 2022, a Wednesday morning report from the U.S. <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">Bureau of Labor Statistics<\/a> showed. Yellen reacted to the news ahead of a meeting with other finance ministers in Bali, Indonesia, according to <a href=\"https:\/\/www.cnbc.com\/2022\/07\/14\/yellen-warns-inflation-in-the-us-is-unacceptably-high.html\">CNBC<\/a>.<\/p>\n<p>\u201cWe are taking our own steps which we believe will be supportive in the short term to get inflation down \u2014 particularly what we\u2019re doing on energy prices and the Strategic Petroleum Reserve,\u201d Yellen told the press.<\/p>\n<p>Indeed, rising energy costs were responsible for roughly half of consumer inflation last month, during which national average gas prices surged to <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5.00 per gallon<\/a>. Another <a href=\"https:\/\/www.bls.gov\/news.release\/ppi.nr0.htm\">Bureau of Labor Statistics<\/a> report released on Thursday showed that the Producer Price Index (PPI) rose 11.3% from June 2021 to June 2022 \u2014 a phenomenon driven almost entirely by higher energy costs.<\/p>\n<p>Alongside Yellen, President Joe Biden pointed to the \u201chistoric release of oil\u201d from the Strategic Petroleum Reserve in response to the inflation news. Although releasing one million barrels of oil per day was marketed by the White House as an \u201cunprecedented\u201d move to \u201cprovide a historic amount of supply\u201d to Americans facing high prices, a report from <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05\/\">Reuters<\/a> recently <a href=\"https:\/\/www.dailywire.com\/news\/stunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries\">showed<\/a> that at least five million barrels of oil were exported to European and Asian nations during the month of June \u2014 including to a Chinese firm with <a href=\"https:\/\/www.dailywire.com\/news\/biden-admin-sold-nearly-1-million-barrels-of-oil-to-chinese-state-owned-company-tied-to-hunter-biden\">links<\/a> to Hunter Biden.<\/p>\n<p>Yellen also said that she would endorse any actions taken by monetary policymakers at the <a href=\"http:\/\/dailywire.com\/topic\/federal-reserve\">Federal Reserve<\/a> \u2014 an entity she led from 2014 to 2018 \u2014 to quell rising prices. \u201cWe\u2019re first and foremost supportive of the Fed\u2019s efforts; what they deem to be necessary to get inflation under control,\u201d she remarked.<\/p>\n<p>The central bank has recently opted to <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-takes-most-aggressive-action-to-fight-inflation-in-three-decades\">raise interest rates<\/a> at large increments \u2014 most recently, by a 0.75% rate hike that represented the boldest move to combat inflation in nearly three decades \u2014 after moving rates to near-zero levels in response to COVID and the lockdown-induced recession. The current target interest rate is now between 1.5% and 1.75%.<\/p>\n<p>In response to the most recent inflation report, many analysts believe that the Fed could hike rates by 1% later in July. The market appeared to price in a 0.93% rate hike by Wednesday afternoon, according to <a href=\"https:\/\/www.cnbc.com\/2022\/07\/13\/traders-bet-the-fed-could-raise-interest-rates-by-1percent-this-month.html\">CNBC<\/a>. Because there is a historical <a href=\"https:\/\/www.dailywire.com\/news\/expect-higher-unemployment-as-federal-reserve-tackles-inflation-warns-top-policymaker\">tradeoff<\/a> between unemployment and inflation, further moves to battle rising prices will likely lead to higher degrees of joblessness.<\/p>\n<p>Yellen recognized that higher interest rates could also impact other nations. \u201cOn the one hand, it can strengthen their ability to export which is good for their growth,\u201d she said. \u201cOn the other hand, to the extent that countries have dollar-denominated debt, it can make those debt problems \u2014 which already are very severe \u2014 more difficult.\u201d<\/p>\n<p>Over the past year, the exchange rate between the dollar and the euro has <a href=\"https:\/\/www.dailywire.com\/news\/global-turmoil-makes-euro-cheap-for-americans\">dropped<\/a> from $1.22 per euro to $1.00 per euro, according to <a href=\"https:\/\/www.bloomberg.com\/quote\/EURUSD:CUR\">Bloomberg Markets<\/a>. Higher interest rates cause more demand for a nation\u2019s currency on foreign exchange markets while making other nations\u2019 exports less expensive.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen on Thursday said that inflation is \u201cunacceptably high\u201d after another dismal price level report. The Consumer Price Index (CPI) rose 9.1% between June 2021 and June 2022, a Wednesday morning report from the U.S. Bureau of Labor Statistics showed. Yellen reacted to the news ahead of a meeting with other finance &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1554307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1554175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1554175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1554175"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1554175\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1554307"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1554175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1554175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1554175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}