Rent and housing costs are keeping U.S. inflation higher than preferred but consumer price pressures will continue to come down over time, Treasury Secretary Janet Yellen said on Tuesday, as a top White House adviser cited what she called 'tremendous progress' in bringing down inflation.
U.S. Treasury Secretary Janet Yellen testifies before the House Financial Services Committee regarding the department’s annual report on the international financial system, on Capitol Hill in Wash ington, U.S. July 9, 2024. REUTERS/Ken Cedeno WASH INGTON, July 9 - Rent and housing costs are keeping U.S.
"I believe that it will continue to come down over time. Rents and housing costs continue to leave it higher than we would ideally like," Yellen told the U.S. House panel on financial services. Lael Brainard, chair of the White House National Economic Council and a former vice chair of the Federal Reserve, said the Biden administration is encouraged by continued progress on lowering inflation, but President Joe Biden would keep fighting to lower the cost of living for working families.
The inflation target is set in reference to the Personal Consumption Expenditures price index, which as of May was increasing at a 2.6% year-over-year rate.
BISV08 BNK BNKS BNKS1 BSVC CEN DBT ECI ECO FIN FINS FINS08 GEN GVD IMF INFL INTAG MCE NEWS1 POL WASH WBNK AMERS US NAMER MTPIX TOPNWS HREP TOPCMB ECON
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Millionaire Treasury Secretary Janet Yellen gives out-of-touch response to skyrocketing grocery pricesMillionaire Treasury Secretary Janet Yellen appeared out-of-touch when asked about inflation under President Joe Biden — insisting she goes to the grocery store “every week” — and isn&…
Read more »
Treasury’s Yellen pressed by Sen. Tim Scott over late Iranian sanctions reportThe report was due to Congress on May 24 and is a requirement under a provision included in the since-passed $95 billion national security supplemental package.
Read more »
US Treasury sanctions powerful Mexican cartel, Yellen says they intend to make business 'very difficult'Treasury Secretary Janet Yellen tells 'Your World' how the Biden administration is taking steps to curb fentanyl trafficking into the United States.
Read more »
Treasury chief Yellen reveals Cabinet has not met over 25th Amendment to boot prezTreasury Sec. says cabinet hasn’t mused about invoking 25th Amendment
Read more »
NYC Rent Guidelines Board voting Monday night on another rent hikeRenters face two proposed hikes: a 2-4.5% increase on one-year leases, and a 4-6.5% increase jump for two-year leases.
Read more »
Treasury Secretary Yellen says U.S. debt load is in ‘reasonable place' if it remains at this levelTreasury Secretary Janet Yellen on Thursday said the swelling national debt is manageable as long as it stays around where it is relative to the rest of the…
Read more »