US Treasury Secretary Janet Yellen said in the pre-released version a Congressional testimony that the US economy faces challenges from "unacceptable levels of inflation", as well as headwinds from supply chain snags, reported Reuters on Tuesday. An appropriate budgetary stance is needed to compliment the Fed's actions to dampen inflation without undermining the strength of the labour market, she added. 

Yellen said she is keenly focused on moving forward with the US proposal on a deal for global corporate tax reform and says that US President Joe Biden's budget suggests "smart, fiscally responsible investments" that will cut the deficit. The US economy is entering a transition from recovery to stable and steady growth, she noted.