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Yellen predicts inflation to return to normal in late 2022

Treasury Secretary Janet Yellen said on Sunday that he did not expect inflation to return to normal levels, at least until mid-next year, but that does not mean that the United States is losing control of inflation.

Talk in CNN’s “State of the Union” Yellen predicted that the surge in inflation would be temporary.

“” “Americans haven’t seen the inflation we’ve experienced for a long time lately, but when it returns to normal, expect it to end.”

— Janet Yellen

When asked by CNN’s Jake Tapper to return to the target area with exactly 2% inflation, Yellen said: What has already happened. But I’m hoping for improvement … ending in the middle of next year and by the second half of next year. “

Yellen rejected criticism from former Treasury Secretary Larry Summers and said, “I don’t think we’ll lose control of inflation.” Early this month..

Yellen said rising inflation is not as policy a problem as it is caused by external factors such as pandemics and supply chain bottlenecks.

“The COVID crisis has significantly reduced spending on services and caused a reallocation of spending on commodities,” she said. “The supply of goods to Americans has increased significantly, but there is still pressure.”

Yellen said he hopes the supply chain will recover as the pandemic weakens, and that Americans are likely to rejoin more workforce as it happens.

Yeren also said lawmakers are considering taxing billionaires’ unrealized capital gains as a way to fund President Joe Biden’s social spending plan, with a debt cap due in December. He said he was confident that it would be raised earlier to prevent the government from defaulting.

Yellen predicts inflation to return to normal in late 2022 Yellen predicts inflation to return to normal in late 2022

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