U.S. Treasury's Adeyemo says global phenomena, war driving inflation & More News Here

U.S. Deputy Treasury Secretary Wally Adeyemo speaks throughout a joint information convention with EU Commissioner McGuinness (not pictured) in Brussels, Belgium March 29, 2022. REUTERS/Johanna Geron/Pool

WASHINGTON, June 1 (Reuters) – High inflation is being pushed by global phenomena that might not be anticipated, together with Russia’s invasion of Ukraine, U.S. Deputy Secretary of the Treasury Wally Adeyemo mentioned on Wednesday, including that U.S. demand stays robust.

“I don’t think anyone saw the invasion – Russia’s invasion of Ukraine – coming, which is driving the high energy prices that we see today,” Adeyemo advised MSNBC a day after U.S. Treasury Secretary Janet Yellen mentioned she was “wrong” final yr in regards to the path that inflation would take. learn extra

Yellen had advised CNN on Tuesday that since public feedback she made in 2021 suggesting a extra benign and transitory path for inflation, the global economic system was hit by a number of unanticipated shocks, together with persistent provide chain disruptions, Russia’s war in Ukraine and strict lockdowns of China’s economic system.

Adeyemo echoed these feedback and mentioned different nations had been additionally scuffling with excessive inflation.

“The best way to compare what’s happening here in the United States is to look around the world, because inflation isn’t only happening here in the United States. It’s happening around the globe,” Adeyemo mentioned.

Adeyemo mentioned President Joe Biden had outlined plans to handle inflation, together with potential future releases from the Strategic Petroleum Reserve, however dodged a query about new approaches.

“The best example of the things we’re willing to do in the future is what we’ve already done, including releasing the Strategic Petroleum Reserve,” he added.

President Biden was additionally calling on power producers to spice up manufacturing to drive costs decrease.

“We’re open to doing everything that the president can do on his own, but he also wants to work with Congress to do things like bring down the price of prescription drugs.”

Asked if he believed inflation may very well be introduced down with out inflicting a recession, Adeyemo mentioned: “I do, because part of my job is talking to business leaders around the country. The CEOs … make clear to me that they feel as if demand for their products and goods remains strong.”

Reporting by David Lawder and Andrea Shalal
Editing by Chris Reese, Bernard Orr

Our Standards: The Thomson Reuters Trust Principles.

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