During a recent interview with Fox Business’ Edward Lawrence, Treasury SecretaryJanet Yellen admitted once again that she had been wrong about inflation, this time saying she regretted claiming it would be “transitory.”
Yellen noted that while inflation has gone down, the pace at which it is declining has been slower than what the bulk of Americans hoped for.
“In 2021 you did say that inflation was transitory,” Lawrence said. “Do you regret saying that now?”
“I regret saying it was transitory,” Yellen replied. “It has come down, but I think transitory means a few weeks or months to most people.”
At the time, Yellen said, “I really doubt we’re going to see an inflationary cycle,” adding that while she expected “somewhat higher inflation over the next several months,” it would be “a transitory thing, not something that’s associated with a buildup in wage pressures.”
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