BENGALURU—U.S. Treasury Secretary Janet Yellen said on Friday that U.S. inflation was coming down but there was still more work to do to bring it in line with the Federal Reserve’s 2 percent annual target.
Yellen also told reporters on the sidelines of a G20 finance ministers and central bank governors’ meeting near the Indian tech hub of Bengaluru that she still believes that a “soft landing” without a recession is possible due to a strong labor market and strong U.S. balance sheets.
“Inflation is coming down if you measure it on a 12 month basis, but still core inflation, which I think will fall further, remains higher than is consistent with 2 percent,” she said, referring to the Fed’s target rate….