Yellen says she was ‘wrong’ about inflation path, Biden supports Fed actions -Breaking
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© Reuters. FILE PHOTO: Janet Yellen, U.S. Treasury Secretary, testifies at a hearing of the U.S. House Committee on Financial Services on the Annual Report on the Financial Stability Oversight Council on Capitol Hill, Washington, DC. This was held on May 12, 2022. Saul Loeb/Pool WASHINGTON (Reuters), – U.S. Treasury Secret Janet Yellen stated Tuesday that while she had been wrong about how inflation would develop in the past, President Joe Biden has made it his priority to tame price increases and he backs the Federal Reserve’s efforts to do so.
Yellen answered a CNN question about whether or not she had misunderstood the danger of inflation in her public statements in the last year.
“As I have mentioned, there have also been large and unexpected shocks to economic that have boosted energy prices and food costs and caused supply disruptions that have had a devastating effect on our economy. This was something that I did not fully comprehend at the time,” Yellen stated.
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