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U.S. faces ‘unacceptable levels of inflation,’ Yellen tells senators

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Reuters

By David Lawder and Andrea Shalal WASHINGTON (Reuters) – The United States faces “unacceptable levels of inflation” and an appropriate budgetary stance is needed to help dampen inflationary pressures without undermining the economy, U.S. Treasury Secretary Janet Yellen told senators on Tuesday. At a Senate Finance Committee hearing, Yellen pushed back against Republican assertions that the highest inflation in 40 years was caused by Democratic President Joe Biden’s $1.9 trillion American Rescue Plan (ARP) COVID-19 spending legislation last year. “We’re seeing high inflation in almost all of th…

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