TOO LATE: Biden Treasury Secretary Janet Yellen Says She Regrets Saying That Inflation Was ‘Transitory’ (VIDEO)

US

During a recent appearance on the FOX Business Network, Biden Treasury Secretary Janet Yellen said that she regrets her previous claim that inflation was transitory.

That’s quite an admission.

In January of this year, Yellen conceded that Americans are not likely to see prices come down any time soon, contradicting comments from Biden.

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Transcript via Real Clear Politics:

EDWARD LAWRENCE, FOX BUSINESS NETWORK: But, when you talk about prices, the CPI inflation has had a 3 in front of it since July of last year. Why is Jamie Dimon wrong then when he’s saying the worst case is stagflation?

YELLEN: Well, I don’t think we’re going to see stagflation. Most forecasters believe we’re on a path where inflation will come down over time.

The single biggest contributor to inflation is housing costs. And we can see, when we look at the market for new rental apartments, that, in many parts of the country, rental prices for new apartments have actually declined overall, flat to slightly down. It takes a while for that to filter into the CPI.

And so I have every expectation that the single largest contributor to it, to inflation is going to be moving down over this year.

LAWRENCE: And that will bring the rest of it with it. So, you — in 2021, though, you did say that inflation was transitory. Do you regret saying that now?

YELLEN: I regret saying it was transitory. It has come down, but I think transitory means a few weeks or months to most people, and that — it’s lasted longer than that.

Watch the video below:

Do you think anyone in the media will follow up on this comment with a question for Joe Biden?

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