Economics
Yellen Gets Specific on Inflation, Saying It Will Last Through 2021
- GOP lawmakers question effect of Biden policies on prices
- Budget proposal to show interest rates eventually rising
Photographer: Andrew Harrer/Bloomberg
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U.S. Treasury Secretary Janet Yellen said above-normal inflation is likely to persist through the end of the year before fading, a longer period than administration officials had previously indicated in public remarks.
“My judgment right now is the recent inflation we’ve seen will be temporary, it’s not something that’s endemic,” Yellen said Thursday under questioning in a House Appropriations subcommittee virtual hearing. “I expect it to last, however, for several more months, and to see high annual rates of inflation through the end of this year.”