WASHINGTON—Treasury Secretary Janet Yellen said in Senate testimony that she expects inflation to remain elevated, underscoring the challenge facing the U.S. economy and the Biden administration as inflation runs at its highest rate in decades.
“I do expect inflation to remain high, although I very much hope that it will be coming down now,” Ms. Yellen said, adding that the Biden administration was updating its forecast that inflation would average 4.7% this year.
