Treasury Secretary J Yellen stressed that the White House has various strategies prepared to go that will lessen the inflation burden on the Americans.
Yellen listed efforts directed at the budget deficit, prescription drug costs, and oil production that might bring down costs running near the highest pace.
The remarks came on the same day President J Biden met with J Yellen. The central bank has already begun fighting growing inflation with hikes in interest rate.
Yellen said about the meeting, “The president emphasized his intention to do everything he can to lower the costs that Americans face for important items in their budget. Prescription drugs, for utility bills, things where the president acting on his own or working with Congress can make a difference, and his support for deficit reduction.”
Biden also stressed the central bank’s role in bringing down prices.
The Wall Street Journal specifically said, “First, the Federal Reserve has a primary responsibility to control inflation.” Yellen also noted that responsibility.
Yellen Said, “The Fed has a dual mandate, and it is maximum employment and price stability. I think that’s the way it’s phrased in the law. But we are at full employment. We have a very strong labor market. That’s been achieved, but inflation is way too high, and it’s really a big burden on American households. And so, maintaining full employment while bringing inflation down, that’s the president’s priority and I believe that’s consistent with how the Fed sees its programs.”