Treasury Secretary Janet Yellen said the inflation is at “unacceptable levels” but expected it to remain high.
“I do expect inflation to remain high, although I very much hope it will be coming down now,” she told the lawmakers during a hearing on Tuesday before the Senate Finance Committee.
However, Yellen denied that the $1.9 trillion American Rescue Plan (ARP) played a critical role in causing the soaring prices.
“We are seeing high inflation in almost all developed countries around the world,” she said in response to a question by Sen. Steve Daines (R-Mont.). “They have very different fiscal policies. So it can’t be the case that the bulk of the inflation that we are experiencing reflects the impact of the ARP.”…