The US is facing unsustainable inflation and an appropriate fiscal position is needed to help ease inflationary pressures without undermining the economy. Treasury Secretary Janet Yellen told Senators, Reuters reports.

Elements of President Joe Biden's proposed spending legislation could help lower costs for Americans, including on prescription drugs and clean energy initiatives, she said.

We are currently facing macroeconomic challenges, including unsustainable inflation, as well as headwinds related to the disruption caused by the impact of the pandemic on supply chains, as well as the impact of supply disruptions in the oil and food markets as a result of the war with Ukraine, Yellen said.