Treasury Secretary Janet Yellen on Thursday said she believes high U.S. inflation will come down “certainly next year,” but noted risks to the outlook including the ongoing Russian war in Ukraine. Speaking at an event sponsored by the Atlantic, Yellen said the Federal Reserve is “clearly committed to bringing inflation down.” The Fed on Wednesday delivered its third consecutive super-sized increase in interest rates and signaled more big hikes before the end of the year, as it stepped up its fight against inflation.
USDJPY declines; the yen awaits an interest rate decision
The USDJPY pair continues to decline in anticipation of an interest rate decision. The Bank of Japan’s leadership is considering the most suitable rate decision.