White House defends Janet Yellen after talk of higher interest rates

The White House on Tuesday defended Treasury Secretary Janet Yellen after she said interest rates might eventually have to rise to keep the U.S. economy from overheating amid a massive infusion of federal spending.

“President Biden certainly agrees with his treasury secretary,” press secretary Jen Psaki told reporters at the White House. “Of all people, Secretary Yellen certainly understands the independence and the role of the Federal Reserve and I think she was simply answering a question and conveying how we balance decision-making here.”

Ms. Yellen had said it “may...