Treasury Secretary Janet Yellen gave her most direct admission yet that she erred last year in predicting that elevated inflation wouldn't pose a continuing problem.
"I was wrong about the path inflation would take," Yellen said in an interview that aired Tuesday on CNN. "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 at the time I didn't fully understand."
New variants of Covid, lockdowns in China, and Russia's war on Ukraine have all imposed shocks on the economy, the Treasury chief said after attending a meeting at the White House with President Joe Biden and Federal Reserve Chair Jerome Powell to address inflation.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
