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Yellen: Biden's phased-in spending plan won't fuel inflation

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WASHINGTON – President Joe Biden’s massive proposed spending on infrastructure, families and education will not fuel inflation because the plans would be phased in gradually over 10 years, Treasury Secretary Janet Yellen said Sunday.

New economic reports have portrayed a surging recovery from the recession unleashed by the coronavirus pandemic. Americans’ incomes soared in March by the most on record, boosted by $1,400 federal stimulus checks, and the economy expanded at a vigorous annual rate of 6.4% in the first three months of the year, leading to concern over inflationary pressures.

Some economists, notably former Treasury Secretary Larry Summers, have warned that the Federal Reserve’s current ultra-low interest rates, along with the

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