Yellen: inflation to ‘remain high;’ hopes it’s ‘coming down’

WASHINGTON (AP) — Treasury Secretary Janet Yellen has acknowledged that she and Federal Reserve Chair Jerome Powell “could have used a better word” than transitory when describing the expected run of inflation in the U.S. economy. Yellen says she remains hopeful it will decline. But she told the Senate Finance Committee on Tuesday (June 7, 2022) that “I do expect inflation to remain high although I very much hope that it will be coming down now.” Yellen added that “bringing inflation down” should be the number one priority. Treasury and the Federal Reserve have been increasingly blamed by legislators and the public for allowing inflation to reach record highs.