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Yellen says inflation will remain high until Covid is ruled

U.S. Treasury Secretary Janet Yellen said reforming the Covid-19 was important in reducing inflation, as Joe Biden’s executives sought to curb inflation that would disrupt US economic recovery and the President’s demands.

“The epidemic has been a major factor in economic growth and rising prices,” Yellen told CBS. Look at the Worldn program.

“And if we want to reduce inflation, I think continuing to make progress in the fight against the epidemic is the most important thing we can do.”

Fighting inflation has been the goal of Biden’s economic group. Last week, the U.S. consumer price index gained 6.2 percent in October from last year, the fastest increase since 1990.

Yellen said many employees remain aware of the dangers of contracting the virus in their workplace, and cited changes from consumers that are linked to closures as well as new ways of working.

But he added that he expects the price of fuel such as used cars for fuel to fall by the second half of next year, should the epidemic end.

White House officials have been trying to reduce tariffs by exploring ways to reduce other barriers, from semiconductor reductions to port delays, which are raising prices. Biden this week spoke with major retailers including Walmart and Target to discuss ways to reduce inflation.

Yellen conceded that removing Donald Trump’s high prices from China would “make a difference” in rising prices. “Taxes tend to raise domestic prices,” he said, but added that US trade representative Katherine Tai was “reviewing” the first phase of trade with Beijing.

Last month the US embassy launched a statement saying it would be “true” to negotiate with trade officials in Beijing to discuss “the first phase” by 2020. Most of Trump’s taxes on Chinese goods are still in place.

White House financial adviser Brian Deese on Sunday criticized Biden that spending $ 1.75tn a season could boost inflation by helping families with housing and child care while reducing costs and raising taxes for corporations and the wealthy.

“Prices are high and affecting the American people and their pockets and the way they look,” Deese said.

But Biden’s huge spending has been criticized by Republican lawmakers who say it will drive up prices. He was also attacked by Joe Manchin, a senior Democratic Senator who has a majority vote in the sub-division, who has said he is concerned that this will increase prices significantly.

Deese told ABC News that he was “convinced” that the Biden package would be delivered by the House this week and go to the Senate.

Concerns about rising prices and other economic pressures have pushed Biden ‘popularity into a new recession. A new poll by The Washington Post and ABC on Sunday revealed that 70 percent of Americans voted for wealth incorrectly, including 38% who said it was “poor”. About half of Americans criticized Biden for rising prices.

The survey had signs of disrupting mid-term elections next year. It found that if elections were held today, 46 percent of voters would support a Republican representative in Congress, as opposed to 43 percent of Democrats.

Concerns about rising prices also surfaced during the transition to the US Federal Reserve, with Biden trying to re-elect Jay Powell for a second term as chair or replacement. On Sunday, Yellen refused to be influenced if she agreed with Powell’s appointment.

“I have said that I think Chairman Powell has done a very good job of managing the Fed, overcoming the difficulties, especially in the context of the epidemic,” Yellen said. “But the important thing is that President Biden nominates a knowledgeable and credible person and there are a number of potential candidates.”

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