US Treasury Sec. Yellen: Inflationary pressures to normalize in second half of next year

Expect price increases to normalize in the second half of next year.

Hopeful and fully expects Congress to pass both infrastructure bill and larger spending bill.

We should focus on what is in the social and climate spending bill, not what fell out.

Spending bill includes very important investments to address the existential threat of climate change.

Spending in both measures is fully paid for and will occur gradually over almost a decade.

Still sees inflation as temporary, but doesn't mean a month or two.

Expect energy prices to begin to moderate in the months ahead.

Unemployment is expected to fall further in the months ahead.

Spending packages will lower some of the most important costs, which tends to push inflation down.

Global minimum tax agreement will not have any meaningful impact on direct investment around the globe.

Global tax agreement involves relatively modest increases in taxes, will create more certainty on tax rates.

Agreement will ensure that all countries can collect more from corporations, and they pay their fair share.

Supply chain bottlenecks are holding the US economy back, but GDP growth will pick up.

It will take a while to boost supply of semiconductors

 expects semiconductor supply shortages to be addressed in medium term.

Some of fiscal stimulus will wear off, but households have amassed a lot of savings so consumer spending should remain 'quite healthy'.

Inflationary pressures are related to unique shock to economy.

Monthly inflation rates have come down from just 4-5 months ago and process is continuing.