Yellen Addresses ‘Unacceptably High’ Inflation, Reveals What Biden Admin Will Do Next
Treasury Secretary Janet Yellen on Thursday stated that U.S. inflation is “unacceptably high” following a grim price level report that was issued by the Bureau of Labor Statistics a day before.
The Consumer Price Index, a key measure of inflation, rose 9.1 percent year-over-year in June—the highest figure since November 1981. Meanwhile, another indicator, the Producer Price Index, shot up to 11.3 percent, according to a government report released Thursday.
“We are taking our own steps which we believe will be supportive in the short term to get inflation down—particularly what we’re doing on energy prices and the Strategic Petroleum Reserve,” Yellen told reports in Indonesia on Thursday in reaction to the dismal numbers.
“We’re first and foremost supportive of the Fed’s efforts—what they see, deemed to be necessary to get inflation under control,” Yellen added, according to a Treasury Department transcript.
The Treasury is “taking our own steps that we believe will be supportive in the short term to get inflation down, particularly what we’re doing on energy prices, the Strategic Petroleum Reserve,” she also said, referring to the federal government’s controversial practice of releasing oil from the Reserve, which exists as a buffer of emergency oil for use during emergencies such as a war.
Policies
Conservatives have expressed outrage at the Biden administration for allowing oil from the Strategic Petroleum Reserve to be sold to China and other foreign countries, with some even floating impeachment over it.
The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas on April 27, 2020. (Adrees Latif/Reuters)
Republicans have further argued that Biden’s policies, including his support for gigantic COVID-19 stimulus packages worth trillions of dollars, have exacerbated inflation.
The Federal Reserve, which already has hiked interest rates in recent weeks, may raise rates
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