On Thursday, Treasury Secretary Janet Yellen appeared on CNBC's "Closing Bell" and predicted that “We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high.”
She added that there is still a large amount of uncertainty surrounding the conflict between Russia and Ukraine. However, Yellen expressed confidence in the Federal Reserve “to make a meaningful difference going forward.”
Co-host Sara Eisen asked, “Already had been happening and is happening in the U.S., when it comes to rising prices from everything from wages to rents to food prices, I think your expectation previously is that inflation would come down in the second half of this year to normal levels. Have you revised those expectations, where do you think we’ll be at the end of the year?”
Yellen replied, “So, I think there’s a lot of uncertainty that is related to what’s going on with Russia and Ukraine and I do think that it’s exacerbating inflation. I don’t want to make a prediction exactly as to what’s going to happen in the second half of the year. We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high. You know, the Federal Reserve is looking very carefully at this. They’ve indicated that they intend to take actions to bring inflation down and I have confidence in their ability to make a meaningful difference going forward.”
Yellen's prediction came just hours after White House Press Secretary Jen Psaki assured people that inflation, especially in energy, will be "temporary, and not long lasting."
So which is it? Temporary or not?
Today Jen Psaki said that prices increases, especially in energy, would be "temporary, and not long lasting."
Just HOURS later, Janet Yellen says "we're likely to see another year in which 12-month inflation numbers remain very uncomfortably high." pic.twitter.com/uM0sCU247q
— Townhall.com (@townhallcom) March 10, 2022
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