{"id":593703,"date":"2021-07-16T14:05:20","date_gmt":"2021-07-16T18:05:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=593703"},"modified":"2021-07-16T14:05:28","modified_gmt":"2021-07-16T18:05:28","slug":"yellen-predicts-rapid-inflation-after-repeatedly-downplaying-risk-for-months","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-predicts-rapid-inflation-after-repeatedly-downplaying-risk-for-months\/","title":{"rendered":"Yellen Predicts \u2018Rapid Inflation\u2019 After Repeatedly Downplaying Risk For Months"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-predicts-rapid-inflation-after-repeatedly-downplaying-risk-for-months%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=593703&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary Janet Yellen acknowledged \u201crapid inflation\u201d will persist for several more months after she repeatedly downplayed the risk of consumer price increases.<\/p>\n<p>Americans can expect consumer prices to continue their rapid rise until returning to normal in the \u201cmedium term,\u201d Yellen <a href=\"https:\/\/www.cnbc.com\/2021\/07\/15\/yellen-sees-several-more-months-of-rapid-inflation-worries-about-impact-on-home-buyers.html\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> Thursday in an interview with CNBC. But Yellen, along with top Federal Reserve officials, predicted inflation wouldn\u2019t be a concern.<\/p>\n<p>\u201cWe will have several more months of rapid inflation,\u201d Yellen told CNBC. \u201cSo I\u2019m not saying that this is a one-month phenomenon.\u201d<\/p>\n<p>\u201cBut I think over the medium term, we\u2019ll see inflation decline back toward normal levels,\u201d she said. \u201cBut, of course, we have to keep a careful eye on it.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2021\/07\/12\/inflation-joe-biden-united-states-economy\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: The Numbers Are In, Biden\u2019s Inflation Is Not Going Away)<\/a><\/strong><\/p>\n<p>Yet in February, Yellen <a href=\"https:\/\/www.youtube.com\/watch?v=KKg1RownYhs\" target=\"_blank\" rel=\"noopener noreferrer\">downplayed<\/a> the risks of inflation, saying the Treasury Department had the tools to deal with the risk \u201cif it materializes.\u201d She also pushed back on former Treasury Secretary Larry Summers\u2019 <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2021\/05\/24\/inflation-risk-is-real\/\" target=\"_blank\" rel=\"noopener noreferrer\">warning<\/a> that President Joe Biden\u2019s $1.9 trillion coronavirus relief package would trigger massive, once-in-a-generation inflation.<\/p>\n<p>Yellen added that the Biden administration was more worried about jobs than rising prices.<\/p>\n<div id=\"attachment_7238759\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7238759\" loading=\"lazy\" class=\"size-full wp-image-7238759\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-scaled-1.jpg\" alt=\"President Joe Biden speaks as Treasury Secretary Janet Yellen listens during a White House meeting on April 9. (Amr Alfiky\/Pool\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-2048x1365-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7238759\" class=\"wp-caption-text\">President Joe Biden speaks as Treasury Secretary Janet Yellen listens during a White House meeting on April 9. (Amr Alfiky\/Pool\/Getty Images)<\/p>\n<\/div>\n<p>One month later, the Treasury secretary downplayed inflation again when asked if the $1,400 stimulus checks included in the relief package could boost prices, <a href=\"https:\/\/apnews.com\/article\/business-coronavirus-pandemic-inflation-janet-yellen-economy-2d8fb02fba7115e2af5379ec7014df26\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the Associated Press. She again pushed the legislation, saying it was key for a full economic recovery.<\/p>\n<p>\u201cI really don\u2019t think that is going to happen,\u201d she said in the March 8 interview, the AP reported. \u201cWe had a 3.5% unemployment rate before the pandemic and there was no sign of inflation increasing.\u201d<\/p>\n<p>Then, one week later, Yellen doubled down, arguing again that there wouldn\u2019t be significant inflation.<\/p>\n<p>\u201cIs there a risk of inflation? I think there\u2019s a small risk and I think it\u2019s manageable,\u201d Yellen <a href=\"https:\/\/abcnews.go.com\/Politics\/week-transcript-14-21-speaker-nancy-pelosi-sen\/story?id=76447853\" target=\"_blank\" rel=\"noopener noreferrer\">told<\/a> ABC News.<\/p>\n<p>\u201cI don\u2019t think it\u2019s a significant risk,\u201d she continued. \u201cAnd if it materializes, we\u2019ll certainly monitor for it but we have tools to address it.\u201d<\/p>\n<p>However, consumer prices have surged faster than they have in decades, <a href=\"https:\/\/dailycaller.com\/2021\/07\/13\/department-of-labor-federal-reserve-joe-biden\/\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to government data. Economists <a href=\"https:\/\/dailycaller.com\/2021\/07\/12\/inflation-joe-biden-united-states-economy\/\" target=\"_blank\" rel=\"noopener noreferrer\">also expect<\/a> inflation to rise higher and for longer than previously expected.<\/p>\n<p>In addition, several major U.S. corporations have recently <a href=\"https:\/\/dailycaller.com\/2021\/07\/15\/corporations-inflation-federal-reserve-jerome-powell\/\" target=\"_blank\" rel=\"noopener noreferrer\">announced<\/a> price increases while the <a href=\"https:\/\/www.nfib.com\/content\/press-release\/economy\/labor-shortage-remains-a-challenge-for-small-businesses-as-inflation-increases\/\" target=\"_blank\" rel=\"noopener noreferrer\">highest number<\/a> of small businesses have reported price hikes since 1981.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen acknowledged \u201crapid inflation\u201d will persist for several more months after she repeatedly downplayed the risk of consumer price increases.Americans can expect consumer prices to continue their &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-593703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/593703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=593703"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/593703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=593703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=593703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=593703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}