Treasury Secretary Admits She Was ‘Wrong’ About the Path of Inflation

U.S. Treasury Secretary Janet Yellen made an admission about her inflation prediction, saying she was “wrong.”

During an interview with CNN, Yellen explained, “I think I was wrong then about the path that inflation would take.”

She added, “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 fully understand.”

Yellen continued, “So really, the shocks to the economy have continued, but inflation is the number one concern for President Biden.”

.@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

In March, Yellen suggested Americans could experience another year of high inflation. – READ MORE