Treasury Secretary Janet Yellen cautioned Tuesday that inflationary pressures hitting the U.S. economy could last for a while.

The U.S. trade deficit raced to a record high in August, boosted by imports as businesses rebuild inventories.

The current spate of inflation won't last and ultimately will fall below the Federal Reserve's target, Chicago Fed President Charles Evans said.

Treasury Secretary Janet Yellen said Thursday she would just as soon see the power over debt limits taken away from Congress.

Inflation ran at a fresh 30-year high in August as supply chain disruptions and extraordinarily high demand fueled ongoing price pressures.

Equity holdings now make up about half of the $109.2 trillion of financial assets that households own.

Sen. Elizabeth Warren charged that Fed Chairman Jerome Powell has led an effort to weaken the nation's banking system, and she will oppose his renomination.

Higher rates caused mortgage demand to drop for refinances and home purchases.

Federal Reserve Chairman Jerome Powell cautioned Washington legislators that the causes of the recent rise in inflation may last longer than anticipated.