I Was Wrong About Inflation

0



(Newser)

Last year, Treasury Secretary Janet Yellen said that inflation posed just a “small risk” to Americans. Now, she’s admitting she didn’t get that quite right. “I think I was wrong then about the path that inflation would take,” Yellen told CNN Tuesday when Wolf Blitzer asked her about her 2021 prediction. Inflation is now, of course, at a more than 40-year high. “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—didn’t fully understand, but we recognize that now,” Yellen said. A spokesperson later pointed to Russia’s invasion of Ukraine, ongoing COVID variants extending the pandemic, and lockdowns in China as some of those shocks.


Yellen said President Biden, who published an op-ed on his plan for fighting inflation in the Wall Street Journal Monday, “shares the Fed’s priority in lowering inflation, and that he believes strongly in his support of the independence of the Fed to take the steps that are necessary.” Biden met with Federal Reserve Chair Jerome Powell Tuesday. Fox Business says Yellen has been “downplaying” inflation in other statements over the past months. (Read more Janet Yellen stories.)

var FBAPI = ‘119343999649’;

window.fbAsyncInit = function() {
FB.init({
appId: FBAPI,
status: true,
cookie: true,
xfbml: true,
oauth: true,
authResponse: true,
version: ‘v2.5’
});

FB.Event.subscribe(‘edge.create’, function (response) {
AnalyticsCustomEvent(‘Facebook’, ‘Like’, ‘P’);
});
};

// Load the SDK asynchronously
(function (d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “https://connect.facebook.net/en_US/sdk.js”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));

FOLLOW US ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! Vigour Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment
Enable Notifications    OK No thanks