No one wants to relive the double-digit inflation of the 1970s, Yellen told the Senate Finance Committee on Wednesday
Spending is expecting to shift to services from goods through the rest of the year
Although U.S. stocks have performed well, valuations are looking pricey
The U.S. saw inflation rise by 5% over the last 12 months, the biggest jump since 2008
The central bank can help assess risks, but Fed chair Jerome Powell said the private sector, elected officials must take the lead
Many companies are struggling to find enough workers, even as the economy rapidly recovers
U.S. jobless claims declined for the fifth week in a row to 385,000
Growth in April and May accelerated despite supply disruptions
That's a pullback from the 4.7% spending surge in March, but the drop was expected
Many economists are forecasting that the U.S. economy will grow between 6% and 7% this year