A year later, the US Treasury Secretary admitted she was wrong about inflation – NBC Bay Area

WASHINGTON, DC – US Treasury Secretary Janet Yellen admitted Tuesday in an interview with CNN that she was wrong about the development of inflation in the United States.

Yellen was asked about comments made in 2021 that inflation represented only a “small risk”: “I think I was wrong at the time about the path inflation would take.”

According to Commerce Department data, inflation in the United States is still at historical levels not seen in forty years, although it eased slightly in April, reaching 8.3%, twenty less than it was in March.

Rampant inflation has prompted the US Federal Reserve to agree to two consecutive interest rate increases so far this year, which are now between 0.75% and 1%.

For months he has been insisting that his priority is to stop the crazy rise in prices.

“As I mentioned, there have been large, unexpected shocks to the economy causing food and energy prices to skyrocket, and supply bottlenecks that have severely impacted our economy, which I didn’t fully understand at the time, but now I realize,” Yellen said Tuesday.

US President Joe Biden promised today that he would not try to influence the Federal Reserve’s decisions, in an article published in the Wall Street Journal in which he also emphasized that fighting inflation is his first economic priority.

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