Remarks by Secretary of the Treasury Janet L. Yellen in Minneapolis, Minnesota

As Prepared for Delivery Good afternoon. I’m glad to be in Minnesota with Senator Smith today to visit a project that serves as an example of federal, state, and local efforts working in concert to increase the supply of housing and lower its cost. Thanks to President Biden’s economic plan, the American economy is strong and resilient, with robust economic growth in recent quarters. The labor market is remarkably healthy, with low unemployment rates, rising real wages, and a bigger share of working-age Americans in the workforce than before the pandemic. Inflation is also down almost two-thirds from its peak. But President Biden and I know that prices for key household expenses like health care, energy, and housing are still too high, in large part due to challenges that have been mounting over decades.