Reuters reports that U.S. Treasury Secretary Janet Yellen expressed concerns about housing affordability and said she expected several more months of high inflation readings, but it remained transitory, adding that the Fed was doing a good job under Chair Jerome Powell.

Yellen said the run-up in U.S. housing prices amid low interest rates and strong demand did not carry the same risks associated with the housing crash of 2008 as lending was being done to creditworthy borrowers.

"It's a very different phenomenon but I do worry about affordability and the pressures, higher housing prices will create for families that are first time homebuyers," Yellen said.

She added that Congress will be considering plans by the Biden administration to boost the supply of affordable housing.

Regarding elevated inflation data, she said she views it as transitory.

"I think we will have several more months of rapid inflation so I'm not saying that this is a one-month phenomenon. But I think over the medium term, we'll see inflation decline back to a normal level. But of course we have to keep a careful eye on it."