Treasury Secretary Janet Yellen Warns Inflation Will Remain ‘High’

[mystery-ak]

Treasury Secretary Janet Yellen Warns Inflation Will Remain ‘High’

Joshua Caplan 7 Jun 2022

Treasury Secretary Janet Yellen on Tuesday testified before Congress that she expects inflation to remain “high” in the United States.

“I do expect inflation to remain high, although I very much hope that it will be coming down now,” Yellen told the Senate Finance Committee. “I think that bringing inflation down should be our number one priority.”

Yellen also told lawmakers that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” in reference to the nature of rising costs that have been plaguing Americans for months.

In the same hearing, Yellen addressed President Joe Biden’s efforts to bring down the surging price of gas across the country, saying the administration “has done everything that they can” to reduce such prices. Earlier Tuesday, gas prices notched their tenth day consecutive record high of $4.91 per gallon. Costs have more than doubled since former President Donald Trump left the White House.

Inflation hit 8.3 percent in April under Biden compared to last year.

Last week, Yellen conceded that she was wrong regarding the “path that inflation would take.”

“I think I was wrong then about the path that inflation would take,” Yellen told CNN.

“As I mentioned, 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 I didn’t — at the time — didn’t fully understand, but we recognize that now,” she added.

more
https://www.breitbart.com/economy/2022/06/07/treasury-secretary-janet-yellen-warns-inflation-will-remain-high/

[Kamaji]

So long as Biden and the demoncrats have any significant influence on the U.S. economy or government, it will continue to remain high.

[IsailedawayfromFR]

“As I mentioned, 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 I didn’t — at the time — didn’t fully understand, but we recognize that now,” she added.

What is not to understand about this, Janet?

[libertybele]

Treasury Secretary Janet Yellen Warns Inflation Will Remain ‘High’

Joshua Caplan 7 Jun 2022

Treasury Secretary Janet Yellen on Tuesday testified before Congress that she expects inflation to remain “high” in the United States.

“I do expect inflation to remain high, although I very much hope that it will be coming down now,” Yellen told the Senate Finance Committee. “I think that bringing inflation down should be our number one priority.”

Yellen also told lawmakers that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” in reference to the nature of rising costs that have been plaguing Americans for months.

In the same hearing, Yellen addressed President Joe Biden’s efforts to bring down the surging price of gas across the country, saying the administration “has done everything that they can” to reduce such prices. Earlier Tuesday, gas prices notched their tenth day consecutive record high of $4.91 per gallon. Costs have more than doubled since former President Donald Trump left the White House.

Inflation hit 8.3 percent in April under Biden compared to last year.

Last week, Yellen conceded that she was wrong regarding the “path that inflation would take.”

“I think I was wrong then about the path that inflation would take,” Yellen told CNN.

“As I mentioned, 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 I didn’t — at the time — didn’t fully understand, but we recognize that now,” she added.

more
https://www.breitbart.com/economy/2022/06/07/treasury-secretary-janet-yellen-warns-inflation-will-remain-high/

Getting rid of Joe would be a good beginning to getting a handle on inflation.

[Hoodat]

Yellen one year ago:

[Cyber Liberty]

"Hey everybody!  Lookie over here at this water puddle on the pavement!"

{slaps puddle with hand, splashing everybody}

"It's WET!!!"

[DB]

Well... For Obama's eight years, over and over, every bad economic report was "unexpected"...

Deja vu all over again...

[Kamaji]

Well... For Obama's eight years, over and over, every bad economic report was "unexpected"...

Deja vu all over again...

Yup.

[cato potatoe]

Crude oil was around $40 per barrel on election day 2020.  Now it sits at $122 and is ready to break the record from the summer of 2008, with every move bent on restricting the domestic supply.  The Biden admin is going to be remembered as one big self immolation.

[jafo2010]

Say what you will about Jimmy Carter and Company, but his team wasn't nearly as dumb as the current box of rocks dummies of Biden and Company.  I envision far worse outcomes than the Carter years. 

Everyone is lying about where we are headed.  Jamie Diamond said a hurricane is coming, but he didn't indicate it would be a Category 5.  And I believe just that.  The turmoil ahead for us will be dire.

If you want a sense of how bad it can get, watch the movie The Road.  Gruesome, but that is one possible outcome.

[catfish1957]

Just read that the Lyondell Refinery in Houston is getting ready to shut down within a year or so, due to obsolescence and green expectations (demand) 

That's another 225K BPD of refining capacity down the tubes.

[IsailedawayfromFR]

Just read that the Lyondell Refinery in Houston is getting ready to shut down within a year or so, due to obsolescence and green expectations (demand) 

That's another 225K BPD of refining capacity down the tubes.

Even worse.  We will eventually import ALL our refinery products and be held hostage by others for our fuel needs.  God help us if we get into a big war.

Chevron CEO says there may never be another oil refinery built in the US
Mike Wirth points to the federal government's policies on energy

Chevron CEO Mike Wirth says he does not expect another oil refinery to be built in the U.S. ever again, pointing to decades of federal government policies as the reason why.
"There hasn’t been a refinery built in this country since the 1970s," Wirth said at Bernstein's Strategic Decisions Conference this week, when asked about the prospect of new capacity being added in the Gulf of Mexico. "I personally don’t believe there will be a new petroleum refinery ever built in this country again."
https://www.foxbusiness.com/markets/chevron-ceo-oil-refinery-built-u-s

[Hoodat]

Just read that the Lyondell Refinery in Houston is getting ready to shut down within a year or so, due to obsolescence and green expectations (demand) 

That's another 225K BPD of refining capacity down the tubes.

They could build a new state-of-the-art refinery in Matamoros, Mexico just south of Brownsville, TX for about half the cost of a new US refinery.  But losing the Lyondell refinery means a big hit to the environment since all that high-sulfur Venezuelan crude will now be shipped to Chinese refineries that will do nothing to remove the sulfur from the product.

[catfish1957]

They could build a new state-of-the-art refinery in Matamoros, Mexico just south of Brownsville, TX for about half the cost of a new US refinery.  But losing the Lyondell refinery means a big hit to the environment since all that high-sulfur Venezuelan crude will now be shipped to Chinese refineries that will do nothing to remove the sulfur from the product.

I think the CITGO refineries in Lake Charles and Corpus areas still process the VZ sour crude.  But whether their capacity will absorb Lyondell's remains to be seen.

[cato potatoe]

8.6% is the number we are given for May.  Even with their magic potion, they cannot support their contention that inflation has peaked.

[Fishrrman]

cato observes:
"Even with their magic potion, they cannot support their contention that inflation has peaked."

So long as fossil fuel supplies are deliberately constrained, prices for oil, natural gas and petroleum-based chemicals will continue to experience "upward pressures". And so long as these prices continue to rise, the prices of EVERYTHING else, everywhere, will continue to rise as well.

The only long-term (and even short-term) solution to "inflation" is to remove ALL constraints to fossil fuel production and use, get the energy supplies flowing again, and prices will stabilize and then possibly decline on their own.

Just the announcement that pipelines will be built and oil exploration/drilling will be encouraged (rather than opposed) will be enough to slow or even halt the price increases. As production comes online, I would expect them to begin to drop right away.

But unless this happens, inflation has yet to "peak".
It will keep right on climbin' ...