The US Treasury Secretary Janet Glenn said yesterday, Tuesday, that she herself has been wrong in the past about the course of inflationbut stressed that tackling price increases is the highest priority of the chairman Joe Biden and he supports the actions of the US Federal Reserve (Fed) in order to achieve the above goal.
Asked by CNN if she had made a mistake in downplaying the threat of inflation in her public statements last 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 rising 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 lockdown for COVID-19 in China,” she said.
“It simply came to our notice then Inflation is President Biden’s first concern», said Jellen.
Biden “She strongly believes in and supports her independence of the Fed to take the necessary steps “ to reduce inflation, Yellen added.
Biden met with Fed Chairman Jerome Powell earlier in the day, Tuesday.respects the independence of the Federal ReserveSaid a White House official.
Glenn said the Biden administration was taking action to support the Fed’s efforts. reducing the cost of prescription drugs and health services, but also by promoting proposals in Congress to enhance the use of renewable energy sources.
“We can not rule out further (financial) shocks,” Yellen said.
Follow Skai.gr on Google News
and be the first to know all the news
