Former Treasury Secretary Janet Yellen warned Wednesday that military conflicts involving Iran are disrupting global supply chains and will likely drive prices higher for American consumers.
During remarks at the HSBC Global Investment Summit in Hong Kong, Yellen explained that the escalating Middle East tensions are adding to economic instability around the world.
“It puts upward pressure on inflation and we’ve already seen that in recent inflation reports, but we’re likely to see more,” she said.
“This is really a broad supply shock,” Yellen added.
The former Treasury chief’s comments highlight growing concerns about how international conflicts are affecting the U.S. economy and household budgets.
