fbpx
White House ‘Social Media Summit’: No Facebook, No Twitter, No Transparency CopyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more

Supply bottlenecks hitting US economy and prices, but don’t panic: Yellen

show caption
US Treasury Secretary Janet Yellen said inflation pressures should be temporary./AFP
Print Friendly and PDF

Oct 13, 2021 - 04:35 AM

WASHINGTON — Snarls in transportation and supply chains have led to rising prices and shortages of some goods, but US Treasury Secretary Janet Yellen on Tuesday urged Americans not to panic.

Price increases are not likely to last, and there should be plenty of products available for the holiday shopping season, Yellen said in an interview with CBS News.

“I believe it’s transitory,” Yellen said about the recent run up in prices.

“But I don’t mean to suggest that these pressures will disappear in the next month or two. This is an unprecedented shock to the global economy.”

Markets on Wednesday will be watching for the latest government inflation report for September, after consumer prices hit an annual rate of 5.3 percent in August.

Policymakers, including at the Federal Reserve, have said they expect inflation to ease, but a recent spike in oil prices to multiyear highs above $80 a barrel has further fueled worries the increases could be long-lasting.

Yellen said the shift in demand has “created huge bottlenecks in supply chains” and noted the lines of ships at US ports waiting to unload goods.

“We get the pandemic under control, the global economy comes back, these pressures will mitigate and I believe will go back to normal levels,” she said.

While “there may be isolated shortages” of some items in the coming months, Yellen said that “there is an ample supply of goods, and I think there’s no reason for consumers to panic about the absence of goods” for Christmas.

  • bio
  • twitter
  • facebook
  • latest posts

LMBCBUSINESS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.