US Finance Secretary Janet Yellen said on Thursday he believed the Federal Reserve and the Biden government would take the steps needed to reduce inflation for 2022, provided that Covid-19 pandemic was controlled.

“Inflation rises more than most economists, including me, expected and of course it is our responsibility with the Fed to overcome it. And we will,” Yellen told CNBC in a direct interview.

“We have been hit by a pandemic who has created economic challenges that we are not anticipated by us, and it is our hope and intention to bring inflation to a level that is consistent with the Fed’s interpretation of price stability,” Yellen said.

Chief Treasury and Fed’s ex-seat said that household finance A.S. In good condition, with some families better than before the pandemic, and built-up savings must help maintain the economy for years to come, even with fewer fiscal support forwards.

Meanwhile, he said it was very important for more people to return to the workforce, which would help reduce supply pressure. This will require a pandemic to be controlled. If that happened, he said he hoped for inflationary pressure to convenience along 2022.

Yellen also told CNBC that he saw Biden laws proposed as a better social and climate law as encouraging more labor participation through childcare and early childhood education provisions.