Janet Yellen tells Congress US faces ‘unacceptable levels of inflation’

Treasury secretary admits she regrets describing inflation as transitory' and says it is top economic problem at this point'

Janet Yellen told Congress that the US is facing unacceptable levels of inflation" on Tuesday as the treasury secretary defended herself from criticism of her previous comments that rising prices were transitory".

Although the hearing with the Senate finance committee was centered on Joe Biden's budget for 2023, Yellen was forced to answer questions on inflation, including some on how she once said that inflation would be transitory", or temporary.