In an interview with Bloomberg News published on Wednesday, the US Treasury Secretary Janet Yellenadmitted that calling higher inflation “temporary” was a mistakewhile adding that he was defending the size of the Biden administration’s stimulus package.
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“You have to decide what is the biggest risk you face, and deal with it effectively.”
“The American Rescue Plan was sized to do that, and it accomplished that mission.”
“I think people heard the term ‘transient’ regarding inflation, and to them it meant a couple of months.”
“Perhaps a better word could have been chosen.”
“There really wasn’t any good reason to think that a stimulus that would bring unemployment down to that general range again would cause as much inflation as we’ve had.”
Source: Fx Street
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