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    Home » Yellen Warns ‘Rapid Inflation’ to Continue in Coming Months
    Forex News

    Yellen Warns ‘Rapid Inflation’ to Continue in Coming Months

    July 16, 20211 Min Read
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    The Treasury Department building located in Washington, D.C., USA.
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    Consumer prices are expected to continue climbing in the following months before moderating over time, according to Treasury Secretary Janet Yellen.

    • Yellen said a careful eye should be kept on prices as she expects several more months of “rapid inflation” to come, but this would likely decelerate back to normal levels over the medium term.
    • Yellen believes that fundamentals show that inflation will settle down, citing the importance of monitoring measures of inflation expectations. Treasury yields and inflation-indexed bonds have declined from historic highs in May.
    • Yellen noted that the current situation is different from the 2008 financial crisis, but flagged that the increasing housing prices could hit first-time homebuyers and those with less income.
    • Federal Reserve Chairman Jerome Powell also believes the inflation uptick could persist in the coming months before falling to the target over the medium term.

    Inflation clocked in at nearly 13-year high of 5.4% in June, with core inflation at 4.5% or the fastest in almost 30 years.

    XLP is up 0.08%, while both VDC and IYK are flat premarket.

    Source: CNBC

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