US job market resembling pre-pandemic environment, Yellen says
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US Treasury Secretary Janet Yellen stated that the US job market is increasingly resembling the pre-pandemic environment. Yellen mentioned that the labor market has become more normal, with a decline in job openings and an increase in labor force participation. She also noted that wage growth is slowing down, but it is not a threat to inflation. Yellen highlighted that the remaining inflation is mainly in housing markets, where drops in elevated rents are slower to take effect. She emphasized that higher costs of housing, education, healthcare, and other necessities are affecting Americans' view of the economy. Yellen mentioned that President Joe Biden will continue to address the high cost of living. Additionally, Yellen proposed that the Group of Seven (G7) back a loan to Ukraine, repaid by frozen Russian assets, to help Ukraine fight Russia's invasion. She stated that the loan proposal could be a meaningful amount, around $50 billion.

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