US Treasury Sec. Yellen: Fed, Biden administration will take steps to control inflation

“Inflation rose by more than most economists, including me, expected and of course it's our responsibility with the Fed to address that. And we will,” US Treasury Secretary Janet Yellen said in CNBC interview late Thursday.

Additional quotes

If the US is successful in controlling the pandemic she sees inflation easing over the course of 2022.

Has confidence in the fed's ability to make appropriate judgements on the economy.

US Treasury is prepared to impose significant consequences on Russia over actions in Ukraine.

There is a buffer stock of savings accumulated that will continue to support the economy in the years ahead, even when fiscal support is reduced.

it is our hope and intention to bring inflation down to levels consistent with the Federal Reserve interpretation of price stability.

Responsibility for addressing inflation is shared by the Fed and the Biden administration.

If people come back into the labor market, some of the supply pressures will ease.

Many pieces of Build Back Better (BBB) legislation important for workforce, climate change provisions are critical.

US households in good financial shape, in many ways stronger than before pandemic.

FX implications

The news exerts downside pressure on the risk catalysts, like equities and Antipodeans, after Thursday’s risk-on performance.

Read: Forex Today: Dollar hit by poor employment figures