Treasury Sec. Janet Yellen predicted Sunday that the Federal Reserve's anti-inflation policies will be 'successful' after previously admitting she'd been wrong about inflation.
Former Council of Economic Advisers chair Kevin Hassett gives his take on if the United States is in a recession and criticizes the White House's handling of the economy on 'Kudlow.'
Despite admitting in May she’d been wrong about the path inflation would take, Treasury Secretary Janet Yellen said Sunday she expected the"The Fed is charged with putting in place policies that will bring inflation down.
The Biden administration, including Yellen, previously dismissed concerns about rising costs and said the"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," Treasury Secretary Janet Yellen said about in inflation in early June 2021. "But I personally believe that this represents transitory factors."Since then, the U.S.
Yellen admitted earlier this year that her predictions about the path inflation would take had been wrong. Federal Reserve Chairman Powell has additionally delivered several mea culpas over his wrong inflation call. On Friday, Powell reiterated the Fed’s determination to crush record-high inflation, saying that it is imperative for the global financial system for consumer prices to stabilize. "My colleagues and I are acutely focused on returning inflation to our 2% objective," Powell said in introductory remarks to a Fed conference on the role of the U.S. dollar.
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