Treasury Secretary Janet Yellen said Thursday that economic uncertainty driven by the Ukraine war means Americans should brace for inflation to remain “uncomfortably high” throughout the year. Yellen made the remarks on CNBC’s “Closing Bell” program, responding to a question whether the crisis in Ukraine had led her to revise her earlier projections for inflation to ease in the second half of 2022. “It is exacerbating it,” she said of the Russia–Ukraine conflict. “I think there’s no doubt about it. We’ve seen a very meaningful increase in gas prices and my guess is that next month, we’ll see a further evidence of an impact on U.S. inflation of Putin’s war on Ukraine.” The invasion of Ukraine has prompted Western nations to impose punishing sanctions on Moscow, while a flurry of major brands have cut their business ties with Russia. Oil prices have surged in the wake of the invasion, as have prices …
Yellen Says Ukraine War Fallout Means Inflation Likely ‘Very Uncomfortably High’ All Year
March 11, 2022
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