Secretary of the Treasury Janet Yellen on Tuesday admitted to Congress that she and Federal Reserve Chair Jerome Powell were wrong to term inflation “transitory.”
Appearing before the Senate Finance Committee, Yellen was asked by Sen. John Thune, R-S.D., whether she still viewed inflation, “which is near a 40-year high, as transitory.”
“Well, when I said that inflation would be transitory, what I was not anticipating was a scenario in which we would end up contending with multiple variants of COVID that would be scrambling our economy and global supply chains,” Yellen said, “and I was not envisioning impacts on food and energy pricing we have seen from Russia’s invasion of Ukraine.
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