Burst of inflation reflects reality of reopening - Yellen

Wednesday, 16. June 2021 17:03

United States Secretary of the Treasury Janet Yellen (pictured) stated on Wednesday that the current burst in inflationary pressure is due to the economy reopening following the pandemic shutdown.

In a hearing on the 2022 budget, Yellen reflected that the reopening process has been "difficult," but asserted that her department is taking steps to address any bottlenecks that are affecting the economy at the moment. Furthermore, Yellen also stated the Treasury is monitoring the situation very carefully and that they take inflation "very seriously."

Yellen's comments come as the Federal Reserve is set to announce its monetary policy update and whether they are going to make any changes in the interest rates to tackle the rise in inflation.

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