Treasury Secretary Janet Yellen called inflation “unacceptably high” as she called on Congress to adopt legislation that would address prescription drug prices. According to a transcript provided by the Treasury Department from Indonesia, where G-20 finance ministers are due to meet, Yellen said the White House was supportive of the Fed’s efforts, and that it’s taking its own steps including by tapping the Strategic Petroleum Reserve and working to institute a price cap on Russian oil. Asked by a reporter if $40 per barrel was the right price for a Russian oil cap, she said no decision has been made, but they want a number that gives Russia an incentive to produce.
