Economics

Yellen Still Hopes U.S. Inflation Gets Back to 2% by Year-end

Treasury chief sees joint Fed, administration responsibility
Yellen says ‘buffer’ of household savings to support growth

Janet Yellen
Photographer: Eric Lee/Bloomberg

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By Christopher Condon

January 20, 2022 at 10:14 PM UTC

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U.S. Treasury Secretary Janet Yellen said she continues to forecast inflation falling close to 2% by the end of 2022.

“I expect inflation throughout much of the year -- 12-month changes -- to remain above 2%,” Yellen said Thursday in an interview with CNBC television. “But if we’re successful in controlling the pandemic I expect inflation to diminish over the course of the year and hopefully to revert to normal levels by the end of the year, around 2%.”