Treasury Secretary Janet Yellen admitted that she was wrong about inflation.
During an interview on CNN Yellen said “I think I was wrong then about the path that inflation would take.”
The Hill reported:
Treasury Secretary Janet Yellen acknowledged in an interview on Tuesday that she was “wrong” about “the path that inflation would take,” as the lagging COVID-19 pandemic and Russian invasion in Ukraine have kept prices persistently high.
During an interview with CNN’s Wolf Blitzer, the network played a clip of previous comments she made in 2021, in which she said inflation would be a “small risk” and added that she didn’t “anticipate that inflation is going to be a problem.”
“Well, look, I think I was wrong then about the path that inflation would take,” the Treasury secretary said when asked about her previous comments. “As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time didn’t fully understand. But we recognize that now.”
.@SecYellen on inflation being transitory: “I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy […] that I, at the time, didn’t fully understand.” https://t.co/AlrXn4kT0r pic.twitter.com/9tqxo0iA3B
— The Hill (@thehill) June 1, 2022
Inflation under the Biden administration continues to hurt everyday Americans.
In April the US producer price index hit 11%.
BREAKING: US Producer Price Index – A Measurement of Inflation – Reaches 11% in April
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