Treasury Secretary Janet Yellen backtracked on earlier statements she made on the threat posed by inflation, citing COVID-19 and the war in Ukraine.
U.S. Treasury Secretary Janet Yellen on Thursday said she was wrong about the path of inflation after months of downplaying the issue.
"I think there’s a lot of uncertainty related to what’s going on with Russia and Ukraine and I do think that it’s exacerbating inflation," Yellen said on CNBC at the time. "I don’t want to make a prediction exactly as to what’s going to happen in the second half of the year, you know, we’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high."on Tuesday to declare that he's respecting the independence of the central bank.
"My plan to address inflation starts with simple proposition: Respect the Fed, respect the Fed's independence," Biden said. The sit-down on a heat-drenched late-spring day was Biden's latest effort to show his dedication to containing the 8.3% leap in consumer prices over the past year. Rising gas and food costs have angered many Americans heading into the midterm elections, putting Democrats' control of the House and Senate at risk.
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