US Treasury Secretary Yellen says again she believes inflation is transitory

Comments from Janet Yellen, US Treasury Sec, over the newwires:

• reiterates her belief that high US inflation is transitory
• says she envisages isolated shortages of goods in the months ahead
• it is absolutely necessary to raise the US debt ceiling limit

Nothing new here from Yellen.

A little more:

• "I believe it's transitory, but I don't mean to suggest these pressures will disappear in the next month or two"