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The Guardian - US
The Guardian - US
Business
Lauren Aratani in New York

Janet Yellen tells Congress US faces ‘unacceptable levels of inflation’

Janet Yellen Inflation Joe Biden United States
Janet Yellen said at the hearing: ‘I do expect inflation to remain high, although I very much hope that it will be coming down now.’
Janet Yellen said at the hearing: ‘I do expect inflation to remain high, although I very much hope that it will be coming down now.’ Photograph: Nicholas Kamm/AFP/Getty Images

Janet Yellen told Congress that the US is facing “unacceptable levels of inflation” on Tuesday as the treasury secretary defended herself from criticism of her previous comments that rising prices were “transitory”.

Although the hearing with the Senate finance committee was centered on Joe Biden’s budget for 2023, Yellen was forced to answer questions on inflation, including some on how she once said that inflation would be “transitory”, or temporary.

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