The Biden administration still firmly believes the United States is not headed toward a "sustained pick-up" in inflation. Treasury Secretary Janet Yellen is closely monitoring the situation and hasn't found any surprising data that's cause for panic. But, with prices likely to continue to rise in the near future, it might become more difficult for the White House to convince Americans that that's the case, Bloomberg reports.
"We still have a weird six months ahead," Josh Bivens, the director of research at the left-leaning Economic Policy Institute, told Bloomberg. "It will be a real challenge for the administration and the [Federal Reserve} to stay firm on their stance."
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