Yellen warns inflation in the U.S. is ‘unacceptably high’

The U.S. Treasury Secretary warned that inflation in the U.S. is "unacceptably high" and that bringing it down will be Washington's top priority.

Consumer inflation in the US rose to the highest level in 33 years.

She said at the press conference that she was supportive of the Feds efforts to get inflation under control.

We are taking our own steps which we believe will be supportive in the short term to get inflation down.

She said that the price cap on Russian oil would be instituted to avoid future spikes in oil prices.

High energy costs made up almost half of the increase in prices.

When asked if bringing down inflation was more important than the risk of a recession caused by higher interest rates and slower growth, she said that the labor market was currently very strong.

The rising interest rates could affect other economies.

A strong U.S. dollar would make other currencies less competitive, but also make their exports more attractive.

It strengthens their ability to export which is good for their growth. She said that if countries have dollar- denominated debt, it can make their debt problems more difficult.