Kwarteng will abolish top 45% personal tax rate, cut lowest rate to 19% from 20%

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Yellen says inflation will come down next year

Treasury Secretary Janet Yellen on Thursday said she believes high U.S. inflation will come down “certainly next year,” but noted risks to the outlook including the ongoing Russian war in Ukraine. Speaking at an event sponsored by the Atlantic, Yellen said the Federal Reserve is “clearly committed to bringing inflation down.” The Fed on Wednesday delivered its third consecutive super-sized increase in interest rates and signaled more big hikes before the end of the year, as it stepped up its fight against inflation.

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