High US inflation ‘not acceptable’ but recovery on track: Yellen to AFP

WASHINGTON: Soaring US inflation rates are “not acceptable” but the health of the world’s largest economy is fundamentally sound thanks to policies that have mitigated the impact of the pandemic, Treasury Secretary Janet Yellen told AFP.

Yellen conceded in an interview she is “concerned” about inflation running at its highest level in decades, and warned of further “global fallout” if the West moves ahead with punishing sanctions on Russia over the Ukraine crisis.

But President Joe Biden’s Treasury chief struck a confident note on the broader outlook for the US economy, which despite two years of pandemic upheaval has…