Treasury Secretary Janet Yellen said Wednesday that inflation could face a bumpy return to normal after back-to-back reports showed that price pressures within the U.S. economy rebounded at the start of the year.
In a sit-down interview with FOX Business’ Edward Lawrence, Yellen pushed back against stagflation concerns and maintained that progress on inflation has not stalled.
“I wouldn’t expect this to be a smooth path month to month, but the trend is clearly favorable,” she said.
“That said, President Biden’s top priority is addressing the issue of high costs that concerns so many Americans.”
Prices for everything including groceries, new cars and health insurance surged in 2021 and 2022 as the result of rampant inflation, which was caused by pandemic-induced disruptions in the global supply chain, an extremely tight labor market and increased consumer demand fueled in part by stimulus cash.
While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains above the Federal Reserve’s 2% goal. And when compared with January 2021, shortly before the inflation crisis began, prices are up a stunning 18.49%.
High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent.
The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily affected by price fluctuations.
“I don’t think we’re going to see stagflation,” Yellen said. “Most forecasters believe we’re on a path where inflation will come down over time.”
I think I trust – wait – I KNOW I trust Punxsutawney Phil the Groundhog 100x more than I trust Joe Biden and Janet Yellen and what they have done to our Economy. IF Joe says it is going up, look down to find the numbers. IF Joe tells you it’s down, look sidewise. I don’t think this clown has even been accurate or close enough, to reach the level of accuracies of Weather men/Meteorologists. I would trust a Seattle or Las Vegas weather report much more so than Janet Yellen for truth and accuracy. Las Vegas would give better odd on most of us getting lucky tonight, before they would take Janet Yellen with an accurate prediction and a spot-on performance in how she responded to facts. How did POOR Performance become the Standard Average for ALL employees during the Biden and Obama/Biden regime?
It’s hard to listen to Joe rant at the SOTUA about deadbeat millionaires not paying their fair share of Income Taxes, when the angry well-meaning man with a poor memory, that is given said speech has failed to include on their OWN Income Tax forms the grand amounts of Foreign Income from Adversarial Countries along with Tax Evaders of Jill Biden, Jim Biden, Joe Biden, Ashley Biden, Hunter Biden and all 6 of the Grandchildren. I trust Navy the 7th grandchildren because the Bidens’ haven’t given her anything of value, including Hunters’ artwork or his last name.
What was the amount that Hunter earned on his Artwork anyways – since he knew ahead of time Who was purchasing what piece and what was the favor Joe Biden has done for the Buyer, for each? Why has that yet to be investigated? Did Hunter pay Income Taxes on every dime made in those sales? Somehow, I highly doubt it.
” Yellen said. “Most forecasters believe we’re on a path where inflation will come down over time.”
You would think that someone with an degree from Yale could formulate a better answer than that.
My grandpappy always said “the creek is going rise with this here big rain and eventually it will recede.” Hell; he only made it to the 5th grade
(on second thoughts, the Yale degree might be the problem)
She initially said there was no inflation.
She and her party created inflation. When Trump left, I believe it was 1.4%. Inflation is rising,!