Janet Yellen, the US Treasury secretary, conceded she was “wrong” last year about the threat posed by rising inflation, while insisting Joe Biden’s administration has quickly focused its attention on taming soaring prices.
“I think I was wrong then about the path that inflation would take,” Yellen told CNN on Tuesday, in a rare admission of error from a senior US official.
“There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time — didn’t fully understand, but we recognise that now,” she added.
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