U.S. faces "unacceptable levels of inflation," Yellen tells senators

The United States faces "unacceptable levels of inflation" and an appropriate budgetary stance is needed to help dampen inflationary pressures without undermining the economy, U.S. Treasury Secretary Janet Yellen told senators on Tuesday.

Yellen said in prepared remarks to the Senate Finance Committee that elements of President Joe Biden's proposed spending legislation could help lower costs for Americans, including for prescription drugs and clean energy initiatives.

"We currently face macroeconomic challenges, including unacceptable levels of inflation as well as the headwinds associated with the disruptions caused by the pandemic's effect on supply chains, and the effects of supply side disturbances to oil and food markets resulting from Russia's war in Ukraine," Yellen said.