Finance Minister Yellen says consumers should not ‘panic’ over the lack of Christmas presents

Minister of Finance Janet Yellen told CBS News anchor Norah O’Donnell Tuesday that she believes the higher prices of gas, groceries and other commodities are “temporary”, adding that she does not “believe to indicate that this pressure will disappear over the next two or two months.” The pandemic-related changes in consumer habits have helped to create “huge bottlenecks in supply chains”, which has led to hundreds of ships waiting to dock in US ports, she explained. “Once the economy adjusts and we get the pandemic under control, the global economy will return, this pressure will ease and I think it will return to normal levels.”

“We are being advised now shop now for the holidays because of these supply chain problems, “O’Donnell said. What is your message to consumers? “Yellen essentially advised the consumer not to panic.” There may be an isolated shortage of goods and services in the coming months, “she said,” but there is an ample supply of goods and I think there is no reason for consumers to panic about the absence of items they will want to buy for Christmas. “

Yellen was less honest about the risk to the U.S. and global economies from Congress that shook about raising the debt ceiling. And she said that with 300,000 more women leaving the workforce in September, “we are no longer near the top in terms of women’s labor force participation. And when you look at what could be the reason for that, an important element is childcare, paid leave of absence.” Yellen also noted that “women have disproportionate burdens on childcare” and “schools have not worked on a normal schedule,” creating “stress for them and additional responsibilities.”

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