Prices Dropping but Pinches Remain: Yellen Lauds Economy While Vowing Action on Lingering High Costs
• Prices falling for TVs (down 28%), used cars (down 11%), and gasoline (down $2/gallon since June) • Yellen touts economy defying recession predictions • Yellen credits Biden policies for more wealth, earnings, purchasing power vs pre-pandemic • Admits more work needed on inflation, pledges to use "all tools" to lower costs • Calls out high prices still for groceries, rents, prescription drugs