Yellen said the Biden administration's actions reduced major risks, and noted that inflation fell earlier in the US than in other rich countries.

In one of her last acts as Treasury Secretary, Janet Yellen said her agency will start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling,

Treasury secretary Janet Yellen, in one of her final major acts in office, warned Congress late Friday that the Treasury will need to begin "extraordinary measures" on Tuesday to avoid hitting the debt limit.