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US economy sound despite pandemic

WASHINGTON, D.C.: Soaring US inflation rates are “not acceptable” but the health of the world’s largest economy is fundamentally sound, thanks to policies that have mitigated the impact of the pandemic, Treasury Secretary Janet Yellen told Agence France-Presse.

Yellen conceded in an interview she is “concerned” about inflation running at its highest level in decades and warned of further “global fallout” if the West moves ahead with punishing sanctions on Russia over the Ukraine crisis.

But President Joe Biden’s Treasury chief struck a confident note on the broader outlook for the US economy, which despite two years of pandemic upheaval has avoided the catastrophic damage seen in the wake of the 2008 global financial crisis.

In particular, Yellen pointed to the strength of the job market.

And she voiced confidence that the Federal Reserve will act in an “appropriate way” to contain…

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