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Treasury Secretary Janet Yellen said that while there’s a collective need to shore up the global economic outlook, the “path forward” begins with addressing domestic challenges.
“In the United States, our top economic priority is to bring down inflation while maintaining a strong labour market,” Yellen said in remarks prepared for delivery Wednesday to the Bretton Woods Committee’s International Council in Washington. Though the US economy remains resilient, “we are highly attuned to the risks on the horizon,” she said.
Many major economies are confronted by high inflation, and must continue taking steps to “rein that in,” Yellen said, pointing to the steepest campaign of monetary tightening around the world in decades.
“We will also be attentive to the global repercussions of our policies,” the Treasury chief said.
“Macroeconomic tightening in advanced economies can have international spillovers.”
She added that “we must be prepared to help countries that fall into distress,” and urged creditors to participate in debt-relief efforts.
Yellen spoke on the sidelines of a gathering of finance chiefs and central bank governors for annual meetings of the International Monetary Fund and World Bank. She said that the gathering “provides us with an opportunity to strengthen our communication and coordination.”
“It is our collective priority to put the global economy on surer footing,” Yellen said. “Our path forward begins with the jobs we have to do at home.” — Bloomberg
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