US Treasury Sec. Yellen: Soaring inflation rates are “not acceptable” but recovery on track

In an interview with AFP early Thursday, US Treasury Secretary Janet Yellen noted that the American economic recovery remains on track while expressing her concerns over soaring inflation.

Key quotes

"Concerned" about inflation running at its highest level in decades.”

“Further "global fallout" likely if the West moves ahead with punishing sanctions on Russia over the Ukraine crisis.”

“’The Federal Reserve will act in an "appropriate way" to contain inflation while ensuring the US recovery continues.’

“The health of the world's largest economy is fundamentally sound thanks to policies that have mitigated the impact of the pandemic.”

Market reaction

The US dollar index is attempting a bounce after falling for two consecutive days, little affected by Yellen’s concerns on inflation.

The spot was last seen trading at 95.78, up 0.09% on the day.