Treasury Secretary Janet Yellen said in Congress on Tuesday she expects inflation to remain “high” in the United States.
“I expect inflation to stay high, but now I really hope it drops,” Yellen told the Senate Finance Committee. “I think reducing inflation should be our number one priority.”
Yellen also told lawmakers that she and Federal Reserve Chair Jerome Powell “could use a better word” than “temporary” for the nature of the spending increase that has plagued Americans for months.
At the same hearing, Yellen referred to President Joe Biden’s efforts to slash rising gas prices across the country, saying that “management has done everything possible” to bring those prices down. Earlier on Tuesday, gas prices hit a record $4.91 per gallon for the tenth consecutive day. Costs have more than doubled since former President Donald Trump left the White House.
Under Biden, inflation reached 8.3 percent in April compared to last year.
Yellen admitted last week that she was wrong about “the course of inflation”.
“I was wrong about the course of inflation at the time,” Yellen told CNN.
“As I mentioned, there have been unexpected and severe economic shocks that have greatly impacted our economy, leading to higher energy and food prices and supply bottlenecks, which I didn’t understand at the time – not fully understood, but we don’t. to understand. get to know me now,” he added.
Source: Breitbart
