“I think I was wrong at the time about the path inflation would take,” Yellen told CNN on Tuesday, adding that she downplayed shocks to the economy from factors such as high energy prices and international supply chain problems.
In May last year, Yellen said she did not expect inflation to become a problem. However, consumer prices rose in April by 8.3% compared to the same month last year.
In a meeting with Yellen and Federal Reserve Chairman Jerome Powell on Tuesday, US President Joe Biden emphasized that fighting inflation is his top priority.
Meanwhile, Biden insisted that he would continue to respect the independence of the Federal Reserve. Powell, for whom tackling high inflation in the United States is a priority, tried to use tighter monetary policy to combat high inflation.
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