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- US Treasury Sec. Yellen: Inflation to fall to acceptable levels in second half of 2022 – CNN
US Treasury Sec. Yellen: Inflation to fall to acceptable levels in second half of 2022 – CNN
"US inflation levels are not expected to decrease to acceptable levels until the latter part of 2022," US Treasury Secretary Janet Yellen told CNN's Jake Tapper on Sunday.
“It would be the middle to second half of 2022,” adds the US policymaker.
Key quotes (from CNN)
Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer.
On a 12-month basis, the inflation rate will remain high into next year because of what's already happened. But I expect improvement ... by the middle to end of next year, second half of next year.
She also attempted to downplay concerns over rising inflation, telling Tapper she doesn't believe the US is losing control over inflation, and she pushed back against criticism from former Treasury Secretary Larry Summers, who has been ringing the alarm on inflation rates and spending.
FX implications
The news failed to get major attention as the Antipodeans begin the week’s trading without surprise moves. However, the comments confirm Fed Chair Jerome Powell’s strong support for tapering and hence may help the US Dollar Index (DXY) to consolidate recent losses.
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