U.S. Treasury Secretary Admits Being Wrong About Inflation

Objectivity 3.8 | Credibility 4.7 | Relevance 4.8

The White House acknowledged Tuesday that it was wrong to downplay the threat of rising inflation last year. Treasury Secretary Janet Yellen said in the beginning of 2021 that inflation posed only a small risk and that it would not be a problem. Yet, with inflation at a 40-year-high, the Consumer Price Index increased 8.3% annually in April 2022 and forced the Biden Administration to admit its mistake.