Treasury Secretary Janet Yellen said over the weekend that we're going to have to "Put up with inflation for a while longer," which means that she has now held just about every possible - and almost always wrong - position on an issue about which she is supposedly an expert.
"Well, it may have peaked, but I think the shocks emanating from this unjustified attack on Ukraine will prolong inflationary pressures. So, the outlook is uncertain. As you know, the Fed is taking steps to bring inflation down, but I think we will have to put up with high inflation for a while longer."
Let's look at what Yellen has claimed about inflation since early last year and the actual results.
February 2021: "I've spent many years studying inflation and worrying about inflation, and I can tell you, we have the tools to deal with that risk if it materializes."
November 2021: "If we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do."
January 2022: "If we're successful in controlling the pandemic, I expect inflation to diminish over the course of the year and hopefully revert to normal levels by the end of the year around 2%.".
March 2022: "We're likely to see another year in which 12-month inflation numbers remain very uncomfortably high."
https://issuesinsights.com/2022/04/27/see-if-you-can-follow-yellens-bouncing-inflation-ball/
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