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US Treasury sec Janet Yellen says it is likely to see inflation stay uncomfortably high this year.
Key Comments
”Don’t want to make inflation predictions for H2 2022.”
“I think that the labour market will remain strong,” Yellen said in a CNBC interview.
“I think it’s appropriate for them to take action, but a soft landing is what I expect.”
The comments come on the day that global share markets slid as US inflation hit almost 8%, making it almost certain the US Federal Reserve will raise interest rates next week.
The European Central Bank also sped up the end of its massive stimulus program.
US consumer inflation is now running at a 7.9% annualized clip in February. This is the heaviest annual increase in 40 years.
