Treasury Secretary Janet Yellen on Tuesday insisted she was in “good company” in failing to forecast persistent and soaring inflation and blamed the increasing cost of living on a series of unpredictable “shocks” to the economy.
Yellen made the comments during an interview with CNBC’s Sara Eisen.
“I think, through a series of shocks that virtually no one could have predicted, including Russia’s invasion of Ukraine, that have pushed up prices, and a series of supply challenges that most people did not anticipate, including me, I think I was in good company in failing to see that inflation would increase and remain as persistent as it has,” the Treasury Secretary said….