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Politics : A Real American President: Donald Trump
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From: Sr K6/7/2022 7:07:50 PM
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Janet Yellen and World Bank Expect Elevated Inflation to Persist

Global growth expected to slow as prices rise, increasing risk of ‘stagflation,’ bank president said

Treasury Secretary Janet Yellen faced questions from the Senate Finance Committee on Tuesday on the high rate of inflation in the U.S. Photo: Nicholas Kamm/AFP/Getty Images

By Andrew Duehren

and Yuka Hayashi

Updated June 7, 2022 5:23 pm ET

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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.

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