During an interview with CNBC, Treasury Secretary Janet Yellen told Americans that we will likely have to “put up with inflation for a while longer.”
She declared that the United States economy "has been remarkably resilient" over the last few years through the pandemic, supply chain issues, and the Russian invasion of Ukraine. However, she added that the ongoing war will “prolong inflationary pressures.”
“The stock market — I don’t take as a reflection of the underlying strength of the economy,” Yellen explained. “I think the U.S. economy has been remarkably resilient. And when you think of all the shocks that have afflicted the U.S. and the global economy, the pandemic, now the war, Russia’s war in Ukraine, commodity price increases, supply chain issues, the U.S. labor market is doing extremely well. And frankly, I take that as the strongest indication of how the economy is doing, and we have continued to create jobs and are back above pre-pandemic levels in terms of output. So, I think the U.S. economy has been very resilient in the face of an enormous set of shocks.”
When asked if inflation had finally peaked or if it was going to get worse, Yellen replied, “Well, it may have peaked, but, look, you know, inflation has been high. And I think the shocks emanating from this unjustified attack on Ukraine will prolong inflationary pressures."
She added,“So, the outlook is uncertain. As you know, the Fed is taking steps to bring inflation down, but I think we will have to put up with high inflation for a while longer.
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