International Monetary and Financial Committee (IMFC) Statement by Secretary of the Treasury Janet L. Yellen

As we gather in Washington, D.C. this spring, I look forward to reflecting on the policies that have supported global economic resilience, while remaining attentive to risks to the global economic outlook. The global economy has proven to be stronger and more resilient than expected, though some countries still face substantial challenges. Growth outcomes have exceeded expectations for many, inflation has come down, and employment and incomes have grown at a steady pace. The U.S. economy has played a critical role in supporting global growth, increasing the prospects for a soft landing globally. The Biden-Harris Administration is implementing policies that have led to historic investments in infrastructure, clean energy, and manufacturing, and supported robust real economic growth. U.S. labor markets remain strong with real wage growth. Inflation is moving gradually closer to the Federal Reserve’s target.