Janet Yellen Says Inflation Is Of 'Tremendous Concern To Americans'

After the U.S. consumer inflation came in higher than expected at 8.3%, Treasury Secretary Janet Yellen acknowledged that inflation remains a problem and is of "tremendous concern to Americans," in an interview with CBS News.

What Happened: Yellen, who has earlier occupied the position of Fed chair, said, "The prime job here rests with the Federal Reserve. We want them to independently use their best judgment on this. And we're trying to take actions that complement theirs."

The August CPI reading came in at 8.3% above average economist estimates of 8% dragging key indices over the fear of aggressive rate hikes by the U.S. Fed. The Treasury Secretary observed that "overall, prices were almost flat last month in August, and that's important."

See also: From F1 Grand Prix To Big Business Forums: Why Major Singapore Hotels Are Charging Over $2,000 A Night This Month

During her tenure as the U.S. Fed Chair, Yellen has often been called a ‘dove’ or someone who supports an economic policy with a low-interest rate regime. She is known to be a follower of Keynesian economics which justifies government regulation and interference to address economic issues.

Tough Winter For Europe: Yellen acknowledged this winter is going to be tough and challenging for Europe and said the region also faces the threat of a recession. The treasury secretary also said this could have a "spillover" effect on the U.S. economy, but asserted "we shouldn't exaggerate how significant it would be,” according to the report.

Easier Tax Filing: Yellen said Americans would find it easier to file taxes during the next filing season. For the next filing season, the Treasury Department is planning to add 5,000 new customer service representatives, making it possible for the agency to handle 85% of taxpayers' calls, she said.