Testifying before the Senate Banking Committee today, Janet Yellen warned that some prices may stay higher even as inflation cools.⁠ ⁠ "I don't expect the level of prices to go down," she said, "Some prices will be higher than they were before the pandemic, and will stay higher...but wages have risen considerably, and the pace of price increases has now receded over the past six months." ⁠ ⁠ While the latest inflation reading clocked in at 3.4%, it still remains above the Fed's 2% target.⁠ ⁠ Yellen argued that Americans are better off as things stand thanks to rising wages, noting that recent Treasury data on purchasing power shows the median American worker can afford the same bundle of goods that they did in 2019 with some $1,400 leftover per year.⁠ ⁠ But even with those wage increases, high inflation is still taking a toll. According to Moody's Analytics, the average US household needed to pay $211 more in December for the same goods and services it did a year earlier.⁠ ⁠ #inflation...