March 14, 2024 9:32am EDT
US Treasury Secretary Janet Yellen walks back transitory inflation claims: 'I regret saying it'
Treasury secretary sits down for exclusive interview with FOX Business
By Kristen Altus FOXBusiness
As Americans have continued to sound off over sticker shock on retail and grocery shelves, the U.S. Treasury secretary admitted Wednesday that her public predictions were wrong.
"I regret saying it was transitory [inflation]. It has come down, but I think transitory means a few weeks or months to most people. And it's lasted longer than that," Janet Yellen told FOX Business’ Edward Lawrence in an exclusive interview.
In early June 2021, Yellen had tamped down inflationary concerns, claiming rising costs and the contributing factors were "transitory," a term used to describe temporary market conditions.
"We have in recent months seen some inflation, and we – at least on a year-over-year basis – will continue, I believe through the rest of the year, to see higher inflation rates, maybe around 3 percent," Yellen said that June. "But I personally believe that this represents transitory factors."
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https://www.foxbusiness.com/politics/us-treasury-secretary-janet-yellen-walks-back-transitory-inflation-claims-i-regret-saying-it