Treasury Secretary Janet Yellen emphasized that the White House has several strategies ready to go that will reduce an inflation burden she conceded is too high on Americans.
In an interview Tuesday with CNBC’s Becky Quick, Yellen listed efforts aimed at prescription drug costs, the budget deficit and oil production that could bring down prices running near the fastest pace since the early days of the Reagan administration.
The remarks came the same day President Joe Biden met with Yellen and Federal Reserve Chairman Jerome Powell, whose institution has begun fighting inflation with interest rate hikes.
“The president emphasized his intention to do everything he can to lower the costs that Americans face for important items in their budget,” Yellen said in describing the meeting. She noted “prescription drugs, for utility bills, things where the president acting on his own or working with Congress can make a difference, and also his support for deficit reduction.”