Covid stimulus may have contributed ‘a little bit’ to inflation

Treasury Secretary Janet Yellen stated Wednesday that the stimulus spending signed into legislation by President Joe Biden to assist the U.S. restoration from the Covid-19 pandemic might have contributed “somewhat bit” to the nation’s subsequent inflation woes.

However the widespread rise in costs that marred the Democrat’s administration was principally “a supply-side phenomenon” attributable to the pandemic itself, Yellen advised CNBC’s “Money Movers” in an exit interview earlier than leaving her function.

There have been “merely big provide chain issues,” she stated, including that shortages of important items “began pushing up costs an incredible deal.”

That is breaking information. Please verify again for updates.