Yellen echoes Powell saying labor market now less inflationary

From theedgemalaysia.com

Treasury Secretary Janet Yellen said the labour market is no longer driving inflation in the US economy to the extent it was earlier in the pandemic recovery, echoing earlier comments by Federal Reserve (Fed) Chief Jerome Powell. The job market was “initially very tight” during the post-Covid rebound, but “now we have a strong labour market, one with fewer pressures that would create inflationary concern”, Yellen told lawmakers on the House Financial Services Committee in Washington on Tuesday. She said the shift came after a surge in labour supply. US unemployment edged above 4% in May for the first time in ... (full story)