United States Treasury Secretary Janet Yellen said that she expects inflation to be "much lower" by the end of 2023 due to lower shipping costs, shortened delivery lags, and falling gas prices, APA reports citing Teletrader.
She told CBS News that there is still a risk of recession but that "it certainly isn't something that is necessary to bring inflation down."
Commenting on the oil price cap the West imposed on Russia, Yellen said that it is "so far, so good" in terms of suppressing Russian revenue while still allowing it to produce oil. She added that "Russia's ability to supply its military has been very significantly eroded by the sanctions and the export controls," repeating the Biden administration's pledge to support Ukraine "for as long as it takes."
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