Economics
Janet Yellen Rejects Idea Corporate Greed Is to Blame for Inflation
- Treasury chief warns that food, energy costs could rise more
- Yellen says it’s ‘amazing’ how pessimistic households now are
Janet Yellen
Photographer: Sarah Silbiger/BloombergThis article is for subscribers only.
Treasury Secretary Janet Yellen rejected the idea that corporate greed is causing the US inflation surge, differing with fellow Democrats who have accused big businesses of price gouging.
“Demand and supply is largely driving inflation,” Yellen said at a New York Times hosted event on Thursday, when asked about the view that corporate greed is a key cause. She said that it’s true that price-to-cost margins have gone up, but she said that’s not what’s driving inflation.