When asked in CNN’s State of the Union address whether gas prices should rise again, Yellen said, “That’s a risk. And it’s a risk that we’re working on a price cap.” Told. Later this year.
“This winter, the European Union will nearly halt purchases of Russian oil. In addition, it will ban the provision of services that allow Russia to transport oil on tankers, which could trigger a surge. at oil prices,” she added.
Yellen continued: This is essential and is what we are introducing to avoid future oil price spikes.
The top price will be set by a “broad coalition” of countries, they said in a joint statement. It will come into effect at the same time as the European Union’s next series of sanctions, including a ban on seaborne imports of Russian oil starting in early December.
Yellen on Sunday also underscored her trust in the Federal Reserve to decide how best to avoid a recession, but a potential recession is “a financial crisis that the Fed will use to correct inflation.” We are monitoring because it is a risk when we are tightening policy.”
“We’re seeing slowing growth, but that’s normal,” she told Bash, referring to the poor shape of the economy that President Joe Biden inherited in 2021.
She added that despite rising food and energy prices, “we have a good and strong labor market and I believe we can maintain it.”