The comments come as the Biden administration struggles to tackle record gasoline prices and inflation, now at 40-year highs.
The president of the Cleveland Federal Reserve, Loretta Mester, assured that it will take two years for inflation to move to the central bank’s 2% target, “falling” gradually.
Yellen, speaking to ABC News, said the administration was reviewing its tariff policy on China, but gave no details and declined to say when a decision might be made.
“We all recognize that China engages in a number of unfair trade practices that are important to address, but the tariffs we inherit, some serve no strategic purpose and increase costs for consumers,” he said.
