WASHINGTON—Treasury Secretary Janet Yellen warned that the U.S. is likely facing a prolonged period of elevated inflation, while the World Bank sharply lowered global growth forecasts and flagged a risk of recession in many countries.
The World Bank, in a report, projected several years of high global inflation and tepid growth reminiscent of the stagflation of the 1970s. Ms. Yellen told lawmakers that the White House would likely revise upward its U.S. inflation forecast—which already showed prices rising this year at nearly twice the prepandemic rate.
