United States Secretary of the Treasury Janet Yellen appears before a Senate Committee on Finance hearing to examine the President's proposed budget request for fiscal year 2023, in the Dirksen Senate Office Building in Washington, DC, Tuesday, June 7, 2022. Credit: Rod Lamkey / CNP/Sipa USA
United States Secretary of the Treasury Janet Yellen appears before a Senate Committee on Finance hearing
WASHINGTON (AP) — Treasury Secretary Janet Yellen has acknowledged that she and Federal Reserve Chair Jerome Powell “could have used a better word” than transitory when describing the expected run of inflation in the U.S. economy.
Yellen says she remains hopeful it will decline. But she told the Senate Finance Committee on Tuesday that “I do expect inflation to remain high although I very much hope that it will be coming down now.”
Yellen added that “bringing inflation down” should be the number one priority. Treasury and the Federal Reserve have been increasingly blamed by legislators and the public for allowing inflation to reach record highs.
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