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Treasury Secretary Admits Mistake in Dealing with Biden’s Inflation

Secretaria del Tesoro admite que cometió un error al tratar la inflación

Available: Español

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U.S. Treasury Secretary Janet Yellen acknowledged Tuesday in an interview with CNN that she was wrong about the evolution of inflation in the United States.

Asked about comments made in 2021 in which she pointed out that inflation represented only a small risk, Yellen admitted she was wrong about the path that inflation would take.

According to data from the Commerce Department, inflation in the United States remains at historic levels not seen for forty years, although it moderated slightly in April to 8.3%, two tenths less than in March.

Rampant inflation has prompted the Federal Reserve to approve two consecutive interest rate hikes so far this year, which now stand at between 0.75% and 1%.

For months now, the Fed has been insisting that its priority is to curb the maddening rise in prices.

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“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 Tuesday.

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