The US economy faces unacceptable levels of inflation

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US Treasury Secretary Janet Yellen said Tuesday that the United States is facing “unacceptable levels of inflation” and that an appropriate fiscal stance is needed to discourage inflationary pressures without harming the economy.

In comments to the US Senate Finance Committee, Yellen said elements of the spending legislation proposed by President Joe Biden could help lower costs for Americans, including for drug and clean energy initiatives.

“We are currently facing macroeconomic challenges, including unacceptable levels of inflation, as well as the negative impact on supply chain disruptions caused by the pandemic, and the effects of oil and food market disruptions resulting from the Russian war in Ukraine,” she added.

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