The Biden administration is laser-focused on tackling inflation, Treasury Secretary Janet Yellen said Thursday, calling reducing rising consumers the White House's 'top' priority.
US Treasury Secretary Janet Yellen speaks during a press conference before attending the G20 Finance Ministers Meeting in Nusa Dua on the Indonesian resort island of Bali on July 14, 2022.Yellen said the White House is hoping to provide relief to American households squeezed by inflation with a reconciliation bill that could reduce prescription drug costs and by releasing an unprecedented amount of oil from the nation's emergency stockpile.
"We're first and foremost supportive of the Fed’s efforts — what they see, deemed to be necessary to get inflation under control," Yellen told reporters. "And beyond that, we're taking our own steps that we believe will be supportive in the short term to get inflation down."Fed policymakers already raised the benchmark interest rate by 75 basis points last month for the first time since 1994 and have confirmed that a similarly sized increase is on the table in July.
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