Treasury Secretary Janet Yellen gave the most direct recognition. But she was wrong last year to predict that rising inflation would not cause further problems.
“I was wrong about the inflation path going forward,” Yellen said in an interview aired on Tuesday on CNN. “It had an unexpected and huge impact on the economy, which has increased energy and food prices. and supply bottlenecks that have a devastating effect on our economy. which I didn’t fully understand at the time.”
said the head of the Ministry of Finance After attending a White House meeting with President Joe Biden and Federal Reserve Chair Jerome Powell to address inflation,
Biden said on Tuesday that His role as chairman is to give the FED “the space they need to do their job,” adding that “I will not interfere with their extremely important work,” Yellen said, saying the Fed was taking the necessary steps to curb inflation. After rising costs of living and consumer prices in April rose 8.3% from the previous year. That’s close to a 40-year high in March.
employment slowdown
Yellen emphasizes how well the economy is doing in other areas, especially in employment. But she also made it clear that she wasn’t expecting the same strong growth and job creation as the United States. received during the recovery from the crisis
“We are in a transition right now,” she said. “We weren’t expecting to see the same employment. which increased employment every month or future growth numbers We are looking for stable and stable growth. and reduce inflation.”
However, Yellen noted that European countries have recently taken steps to limit imports of Russian oil. which is a movement that raises world oil prices “We can’t differentiate the shock,” she said.
In a separate interview recorded Tuesday and aired on CNBC Wednesday, Yellen said it was “maintaining full employment while reducing inflation. That is the president’s first priority.”
She also said no decision has been made on the student loan debt forgiveness. And management hopes workers can reach labor agreements with port operators to ensure that supply chains are not further strained.
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