Yellen told CNN anchor Wolf Blitzer on Tuesday what most Americans have known for months: The Biden administration's claim that inflation would be temporary was horribly wrong.
"I was wrong then about the path that inflation would take," Yellen said. "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn't — at the time — didn't fully understand, but we recognize that now."
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