National Economic Council Deputy Director Bharat Ramamurti told Bloomberg TV on Tuesday that inflation was a global problem but added that the United States was "well prepared."
Ramamurti further argued that oil refiners were to blame for high prices.
Markets remain risk-averse following these comments. As of writing, the S&P 500 Index was down 0.4% on a daily basis at 3,734. In the meantime, the US Dollar Index clings to modest daily gains and trades at its highest level since December 2002 at 105.40.
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