As America’s inflation rate remains at a level unreported since the 1980s, decreasing the population’s purchasing power, the US Treasury Secretary Janet Yellen has admitted to being wrong about "the path inflation would take."
In reference to 2021 and her actions that year, the Secretary said in an interview with CNN, that:
“I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices.”
Earlier this week, Yellen met with President Joe Biden, the Federal Reserve (Fed) Chairman Jerome Powell, and the National Economic Council Director Brian Deese to discuss the necessary measures to tackle the country’s surging inflation.
“The Federal Reserve is taking the steps that it needs to take. It’s up to them to decide what to do,” the Secretary said.
She argued that Biden is focused on "supplementing what the Fed does with actions we can take to lower the cost that Americans face for important expenditures they have in their budgets.”
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