Yellen’s Legacy Is Being Eroded by Inflation
The Treasury secretary has had to navigate White House infighting while battling the sharpest rise in prices in 40 years.
Treasury Secretary Janet Yellen faces serious challenges inside and outside the Washington Beltway.
Photographer: Alex Wong/Getty Images
Inflation and White House infighting may end up shortening Treasury Secretary Janet Yellen’s tenure, but don’t forget how much she has had to contend with.
After a remarkable career as chief White House economist and Federal Reserve chair, Yellen, 75, has ended up spending her final stint in government — one she had to be talked into — deflecting responsibility for the worst inflationary wave in four decades. An academic with a penchant for technocrat-speak, she has been elbowed out of Biden’s inner circle and surprised the administration by publicly admitting she “was wrong” about inflation, according to Bloomberg News reporting. As is often the case, the blame game over volatile prices oversimplifies the events of the past year and a half. Her legacy will hinge on whether she can help steer the economy back to stable prices.