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Yellen Says ‘I Was Wrong’ Last Year on the Path of US Inflation

  • Yellen also says US won’t see same pace of big job gains
  • Treasury chief says she didn’t fully understand circumstances
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Biden on Inflation Fight: Respect the Fed
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Treasury Secretary Janet Yellen gave her most direct admission yet that she erred last year in predicting that elevated inflation wouldn’t pose a continuing problem.

“I was wrong about the path inflation would take,” Yellen said in an interview that aired Tuesday on CNN. “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 at the time I didn’t fully understand.”