US Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in US inflation in 2023, barring an unexpected shock.
US one hundred dollar notes are seen in this picture illustration taken in Seoul, Feb. 7, 2011. — REUTERS/LEE JAE-WON/FILE PHOTO
Ms. Yellen’s comment came days before the Fed is expected to slow the aggressive pace of interest rate increases it has pursued this year. Fed Chair Jerome Powell has telegraphed a smaller, half-of-a-percentage point increase in the policy rate, to a range of 4.25%–4.5%, after four 75-basis point hikes this year.
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