Yellen Predicts ‘Much Lower Inflation’ in 2023. She’s Usually Wrong.

Treasury secretary Janet Yellen said Sunday that she expects “much lower inflation” within the next year. But the Cabinet appointee has been consistently—and baselessly—optimistic about inflation since she joined the Biden administration.

“I believe by the end of next year you will see much lower inflation, if there’s not an unanticipated shock,” Yellen said in a Sunday appearance on 60 Minutes. The secretary cited reductions in shipping costs and delivery lags as evidence that high prices will soon be in the rearview.

Yellen made virtually the same prediction last year, when inflation was at a troubling 5.4 percent. “I don’t think we’re about to lose control of inflation,” Yellen said in October 2021, suggesting the resolution of supply chain issues would tame inflation within a year. By June 2022, however, inflation had surged to a 40-year high of 9.1 percent. – READ MORE

Related Articles

(PREMIUM) PAINE IN THE MORNING: What you need to know this Wednesday – December 14, 2022

Here’s what you need to know today, Wednesday – December 14, 2022. Eight Fresh Charges Filed Against Former FTX CEO Sam Bankman-Fried – Sam Bankman-Fried, the disgraced founder and former CEO of cryptocurrency exchange FTX, was hit with a host of fresh charges Tuesday relating to possible financial crimes and campaign finance violations. A major allegation…

To access this post, you must purchase The Hot Wire, The Hot Wire (DG), Monthly Supporter​ or Monthly Supporter​ (DG).

(PREMIUM) PAINE IN THE MORNING: 13 things you need to know this Thursday – October 21, 2021

There is also an ad free audio version of this episode you can listen to HERE. Seattle first responders fired for vaccine noncompliance march on city hall to turn in their boots – Seattle Police Department officers and firefighters who were fired for not complying with the city’s COVID-19 vaccine mandate marched up the steps…

To access this post, you must purchase The Hot Wire, The Hot Wire (DG), Monthly Supporter​ or Monthly Supporter​ (DG).

Responses