Yellen Sees Inflation In Line With Fed’s Goal by End of Year

Bloomberg2021-08-05

Treasury secretary warns yearly price readings will stay high Treasury is working to get rental assistance programs working Treasury Secretary Janet Yellen said that by the end of this year, monthly ...

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henghm
2021-08-05
henghm
Like and comment
- THLau:
  Nice
- KlWong:
  Done
fidllama
2021-08-05
fidllama
hi
wallflowere
2021-08-05
wallflowere
Like pls
- yougenie:
  Like thx
bostonxsgp
2021-08-05
bostonxsgp
ok
- Peter133:
  Ok
- fidllama:
  ok

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The Fed targets 2% average inflation over time based on the Commerce Department’s personal consumption expenditures price index. That gauge rose 4% in June from a year earlier, the fastest pace since 2008.\nYellen reiterated the Biden administration’s view that the inflation surge reflects bottlenecks in the economy and challenges associated with reopening. “I believe it is temporary and inflation will recede to normal levels in the not-too-distant future,” she said.\nThe Treasury secretary said the agency was working with state and local governments, providing technical assistance as needed, to try to speed up states’ sluggish efforts to get billions of rental assistance out.\n“We try to do everything we can to simplify the paperwork and procedures so it’s easier for state and local governments to get these programs running and for individuals to be able to qualify for it,” Yellen said.\n“This is a completely new infrastructure,” she added. “The delays partly reflect the difficulties they are having in starting up something new.”\nState and local governments nationally have disbursed less than 10% of the $47 billion in federal rent aid in the pipeline. The Centers for Disease Control and Prevention extended a ban on evictions in areas of the country with substantial and high transmission of coronavirus on Tuesday.\nAsked if the Biden administration wanted Congress to act on an evictions ban, Yellen didn’t answer directly but suggested the CDC order would be enough. “I think the fact that the CDC has acted is important,” she said.\nYellen’s visit to Atlanta was part of an effort to promote the Biden administration’s spending plans and included a private meeting with executives, including those from Delta Air Lines Inc. and Coca-Cola Co., and public discussions with Latin American small-business 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