Treasury Secretary Janet Yellen told CNN that it was wrong to downplay the threat of rising inflation last year as the White House works to combat rising consumer prices that have hampered Joe Biden’s presidency.
Said Yellen: “I think I was wrong then about the path that inflation would take.”
She added: “There have been unanticipated and large shocks to the economy that boosted energy and food prices, and supply bottlenecks, that have affected our economy badly that I, at the time, didn’t fully understand. But we recognize that now.”
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