Treasury Secretary Janet Yellen reportedly said the U.S. has “more work to do” to rein in the worst surge in inflation since the 1980s after consumer prices rose 8.2% in September compared to a year earlier.
On Inflation: “While there have been favorable indicators on easing of supply chain bottlenecks and softening of labor market pressures, we need to see sustained progress,” Yellen said at the beginning of a meeting with European commissioners Valdis Dombrovskis and Paolo Gentiloni in Washington, Bloomberg reported.
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This is the seventh straight month the U.S. has witnessed its consumer price inflation above the 8%-mark. Core inflation, which does comprise the more volatile components of food and energy, rose to 6.6%, its highest measure in 40 years, the report said.
The market see-sawed wildly on Thursday after the release of the consumer price inflation data in the U.S. The SPDR S&P 500 ETF Trust SPY closed over 2.6% higher on Thursday, while the Vanguard Total Bond Market Index Fund ETF BND shed over 0.35%.
On Russia: On Thursday, Yellen also praised the “significant progress” made by countries seeking to punish Russia via sanctions for its invasion of Ukraine.
Yellen also appreciated European Union countries for joining the effort to limit the price of Russian oil exports. “This cap will help us keep global energy markets well-supplied even as we cut into Putin’s most important source of revenue,” she said.
On Wednesday, at a Bretton Woods Committee event, Yellen said the U.S. was working to boost its supply chains and guard against "geopolitical coercion" by Russia, China and others. She also noted that the global economy was facing "significant headwinds."
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