U.S. Treasury Secretary Janet Yellen said on Wednesday she anticipates that monthly inflation rates will subside by the end of 2021, even as year-over-year inflation readings stay elevated due to lingering comparison effects from the coronavirus pandemic.
Yellen, speaking to reporters after a tour of a social services agency in Atlanta, repeated her view that currently high inflation is a transitory effect from supply bottlenecks and shifts in spending demand caused by the pandemic and recovery.
U.S. Treasury's Yellen touts infrastructure bill as reducing economic inequality
U.S. Treasury Secretary Janet Yellen on Wednesday traveled to Atlanta to call for passage of the $1 trillion bipartisan infrastructure bill, saying it would help reverse wage and racial inequalities and start to mitigate climate change.
Investments in a half a million electric vehicle charging stations will accelerate a transition to a greener, more resilient economy, she said.
But Yellen added that Congress needs to push ahead with other investments in President Joe Biden's "American Families Plan," including increased access to education and child care, a permanently expanded child tax credit, more affordable housing and healthcare improvements.
Democrats plan to pursue these as part of a $3.5 trillion spending package under budget reconciliation rules requiring only a simple majority in the Senate - allowing the party to potentially approve it without Republican support.
Yellen says new U.S. eviction moratorium buys time to speed rental aid funds
U.S. Treasury Secretary Janet Yellen said on Wednesday her department will use a 60-day extension of a moratorium on residential evictions to try to accelerate the distribution of aid to struggling renters and landlords.
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