Treasury Secretary Janet Yellen acknowledged Tuesday 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. She added that she was hopeful it would soon be on the decline.
“I do expect inflation to remain high although I very much hope that it will be coming down now,” Yellen told the Senate Finance Committee during a hearing on the agency’s latest budget request. “I think that bringing inflation down should be our number one priority."
