Economics
Janet Yellen Warns Inflation Is Likely to Stay High
- Treasury chief is peppered by senators’ questions on inflation
- Yellen again defends $1.9 trillion Biden relief plan
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Treasury Secretary Janet Yellen told US lawmakers peppering her Tuesday with questions about the surge in the cost of living that inflation is likely to stay high and that she ought not to have termed big price increases as “transitory” last year.
Yellen, in a Senate Finance Committee hearing, continued to defend President Joe Biden’s $1.9 trillion American Rescue Plan, which Republicans have blamed for helping drive inflation to a four-decade high.