Treasury Sec. Yellen Says Spending Won't Impact Inflation

There are some worries that low interest rates amid COVID-19 and potential spending from President Biden's proposals could speed up inflation.

Treasury Secretary Janet Yellen said President Biden's spending on infrastructure, families and education won't change inflation. She said it's because the plans would spread over 10 years. "The Federal Reserve has the tools to address inflation should it arise, we will monitor that very carefully. We're proposing the spending be paid for and I don't believe that inflation will be an issue, but if it becomes an issue, we have tools to address it," Yellen said. "These are historic investments, I think we'll need to make our economy productive and fair."