The underlying health of the U.S. economy is quite strong and massive investments being made in manufacturing and infrastructure help bring inflation down over the longer term, Deputy Treasury Secretary Wally Adeyemo said Thursday.

Adeyemo told the Reuters NEXT conference that the price of gasoline had come down from highs seen over the summer, but prices were still too high overall, and the administration was doing everything it could to ease supply chain pressures.

Legislation like the bipartisan infrastructure law, the Inflation Control Act and a law to promote domestic semiconductor production would make long-needed investments in the economy that would help bring inflation under control, he said.