High inflation locked in: Yellen‘GLOBAL, NOT LOCAL’: Stubborn inflation is the result of issues such as supply disruptions from the war in Ukraine and China’s COVID-19 lockdowns, Yellen saidBloomberg“Unacceptably high” prices are likely to stick with consumers through the rest of the year and the US economy is likely to slow down, US Secretary of the Treasury Janet Yellen said on Sunday. “We’ve had high inflation so far this year, and that locks in higher inflation for the rest of the year,” she said on American Broadcasting Co’s This Week. Photo: AFPUS inflation last month accelerated to 8.6 percent, a fresh 40-year high that signals price pressures are becoming entrenched in the economy. Yellen said a gasoline tax holiday is “worth considering” if it could help consumers weather inflation. Excess savings and consumer balance sheets would help mitigate the speed of economic contraction, but monetary and fiscal policy would be constrained by high inflation, they said.

Source: Taipei Times June 21, 2022 01:23 UTC