finance minister Janet Yellen said on wednesday stimulus payments Signed into law by the President Joe Biden Helping the US recover from the Covid-19 pandemic may have had “a little bit” of an impact on the country’s subsequent inflation woes.
But Yellen told CNBC that the widespread price increases that have hurt the Democratic administration are mainly a “supply-side phenomenon” caused by the epidemic itself.money mover“During the exit interview before resigning.
“There are huge problems with the supply chain,” she said, adding that shortages of key commodities were “starting to push prices up significantly.”
Yellen said she believed the $1.9 trillion COVID-19 relief bill and other spending were necessary and did not answer directly when asked if she had any regrets about it.
Instead, she urged Americans to remember that the pandemic was “out of control” when Biden took office, with thousands of people dying from the virus every month and high unemployment threatening livelihoods.
“It’s really important to spend money to alleviate this pain,” she said.
Yellen, 78, who led the Treasury Department during Biden’s four-year term, will be Scott Bessantthe president-elect’s pick of the top hedge fund executives Donald Trump.
Yellen said Bessant’s extensive market experience would be a “very helpful background” for a candidate seeking to run the agency responsible for managing the nation’s financial security.
“I’m pleased to see someone with experience will take over, if confirmed by the Senate,” Yellen said.
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