Yellen: US economy resilient despite inflation

United States Treasury Secretary Janet Yellen asserted on Friday that the country’s economy remains resilient despite globally-slowing growth. However, Yellen stressed lowering record inflation remains the top priority of the Biden administration. “The latest CPI data shows there’s more work to do,” Yellen told reporters at an IMF news conference.

Commenting on the situation in Ukraine, Yellen claimed that the multilateral response against Russia over its attack on Ukraine “has worked,” and that the country’s GDP is expected to contract this year and in 2023. The war in Ukraine sharpened prices worldwide, she argued, reiterating that Washington continues to seek a cap on the prices of Russian oil to stabilize the energy market.

Baha Breaking News (BBN) / ND

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