Sec. Yellen: ‘As Chair Powell Indicated Himself, Both of Us Probably Could Have Used a Better Term than Transitory’

EXCERPT:

YELLEN: "Well, when I said that inflation would be transitory what I was not anticipating was a scenario in which we would end up contending with multiple variants of Covid that would be scrambling our economy and global supply chains. And I was not envisioning impacts on food and energy prices we've seen from Russia's invasion of Ukraine. So as Chair Powell indicated himself, both of us probably could have used a better term than transitory. There's no question that we have huge inflation pressures, that inflation is really our top economic problem at this point, and that it's critical that we address it. So I do expect -- I do expect inflation to remain high, although I very much hope that it will be coming down now."