Yellen: Inflation likely to come down on lower supply chain pressures, shipping costs

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Thursday that supply chain pressures and shipping costs were coming down and were eventually likely to bring down inflation.

She also said a debt default would undermine the U.S. dollar’s reserve currency status and that a failure to raise the debt ceiling would lead to a recession or worse.

Yellen made the remarks in a U.S. House of Representatives Appropriations subcommittee hearing.

(Reporting by David Lawder in Washington; writing by Kanishka Singh; Editing by Leslie Adler)