US Treasury secretary Janet Yellen has said “substantial increases” in living costs are a “problem to a lot of people” as persistent inflation dents President Joe Biden’s standing with voters ahead of November’s election.
Prices for housing and everyday goods were still high for many voters, Yellen acknowledged, despite strong wage growth in recent months.
“They see it when they shop for food. They see it in terms of rentals. With higher mortgage rates, it’s tough for young people who would like to buy a house to enter the market,” Yellen said in an interview with the Financial Times on Thursday.
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