“While inflation remained elevated, there were encouraging signs that supply-demand mismatches were easing in many sectors of the economy,” US Treasury Secretary Janet Yellen spoke at an Ultium Cells LLC electric vehicle battery plant under construction near Nashville.

US Treasury Secretary Yellen also added, “Over the past two years, we have worked successfully to ease supply chain pressures, and that includes funding pop-up container yards and moving several ports to 24/7 operations.”

The diplomat also said she still hopes to be able to visit China but has no specific details on plans or timing.

“A team of US Treasury officials was scheduled to travel to China this month to prepare for a visit, but that was before a diplomatic row over a Chinese balloon that Washington claims were spying on the United States. The United States shot down the balloon on Saturday,” reported Reuters.

The former Fed Chair Yellen also mentioned that it was important to improve communications with Chinese counterparts on economic issues.

Market implications

The news seemed to have failed to inspire traders amid hawkish comments from Federal Reserve (Fed) officials.

Also read: EUR/USD stays pressured near 1.0700 as Fed, ECB policymakers defend higher interest rates