US Treasury Secretary Janet Glenn said Tuesday that she had been wrong about inflation in the past, but stressed that tackling price increases was a top priority for President Joe Biden and he supported her actions. US Federal Reserve (Fed) in order to achieve the above goal.
Asked by CNN if she herself had made a mistake in downplaying the threat of inflation in her public statements over the past year, Glenn said: “I think I was wrong about the way inflation could go.”
“As I mentioned, there have been unexpected and major blows to the economy, which have boosted energy and food prices, but also supply chain problems that have badly affected our economy. At that time, I did not fully understand these dimensions. “The blows to the economy range from the Russian invasion of Ukraine to the recent crackdown on COVID-19 in China,” she said.
“So the blows to the economy have continued, but inflation is the first concern for President Biden,” Yellen said.
Biden “strongly believes in and supports the Fed’s independence to take the necessary steps” to reduce inflation, Yellen added.
Biden met with Fed Chairman Jerome Powell earlier in the day on Tuesday, stressing that he “respects the independence of the Federal Reserve,” a White House official said.
Glenn said the Biden administration is taking action to support the Fed’s efforts to reduce the cost of prescription drugs and health care, but also to pass proposals to Congress to boost the use of renewable energy sources.
“We can not rule out further (financial) shocks,” said Glenn.
Source: AMPE
Source: Capital
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