Yellen Puts Inflation Blame Elsewhere, Defends Biden Stimulus

• On ‘transitory’ prices, could have used ‘maybe a better word’
• Sees annualized monthly inflation at 2%-2.5% by year end

U.S. Treasury Secretary Janet Yellen defended the size of the Biden administration’s stimulus package that many blame for fueling the fastest inflation in four decades, though she conceded that describing rising prices as “transitory” was a mistake.

“You have to decide what’s the biggest risk that you face, and address it effectively,” Yellen said in an interview Wednesday with Bloomberg News. “The American Rescue Plan was sized to do that, and it accomplished that mission.”

Continue reading: here (might be gated)