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Sport Inflation Will Only Drop by 2022 Midterm Elections If COVID Eases: Janet Yellen

05:15  15 november  2021
05:15  15 november  2021 Source:   msn.com

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While Yellen 's message on Covid and inflation has been consistent, just last month she offered a timeline for when Americans might feel some relief. In an interview on Oct. 24, Yellen said she expects higher inflation to linger in the coming months and to ease by "the middle to end of" 2022 . While corporate executives say that Yellen and Commerce Secretary Gina Raimondo have heeded their warnings about inflation , POLITICO reported last week, the West Wing of the White House appears to be too confident that the problem will dissipate once supply chain disruptions are resolved.

Treasury Secretary Janet Yellen said Sunday she expects inflation to ease by "the middle to end of next year," but believes higher rates will nonetheless linger for months, reports Politico . "The COVID shock to the economy has caused disruptions that we'll be working through over the next year," Yellen told CNN's State of the Union . Regardless, however, she expects the situation to improve as the pandemic clears up and supply chains get back to normal. "This is temporary pains that result from a COVID economy," the treasury secretary said.

As rising inflation threatens President Joe Biden's agenda and the Democratic majorities in Congress, Treasury Secretary Janet Yellen said that prices will only fall by the 2022 midterm elections if the pandemic eases.

U.S. Treasury Secretary Janet Yellen speaks to COP26 delegates following a keynote speech by British Chancellor of the Exchequer, Rishi Sunak, at SECC on November 03, 2021 in Glasgow, Scotland. © Christopher Furlong/Getty Images U.S. Treasury Secretary Janet Yellen speaks to COP26 delegates following a keynote speech by British Chancellor of the Exchequer, Rishi Sunak, at SECC on November 03, 2021 in Glasgow, Scotland.

"It's important to realize that the cause of this inflation is the pandemic," Yellen said on CBS News' Face the Nation Sunday. "The pandemic has been calling the shots for the economy and for inflation. And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do."

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Treasury Secretary Janet Yellen said controlling the Covid -19 virus in the U.S. is the key to easing inflation . “It’s important to realize that the cause of this inflation is the pandemic,” Yellen said in an interview with CBS’s “Face the Nation” that is scheduled to air later Sunday.

U.S. Treasury Secretary Janet Yellen stated that controlling Covid -19 is the key to curbing inflation because the Joe Biden administration tried to prevent rising prices from undermining the U.S. economic recovery and the president’s legislative agenda. “The pandemic has been calling the shots for the economy and inflation ,” Yellen said in an interview with CBS Face the countryn program. “If we want to reduce inflation , I think continuing to make progress in fighting the pandemic is the most important thing we can do.” Fighting against rising prices has become the focus of Biden’s economic team.

Asked if prices for the average American would be down by next November, Yellen linked economic recovery to COVID-19.

"It really depends on the pandemic," she said. "When the economy recovers enough from COVID, the demand patterns, people go back to eating out, traveling more, spending more on services, and the demand for products, for goods begins to go back to normal."

A worker shortage boosted annual wage growth to 4.9 percent in October. However, the increase has been overshadowed by the pace of inflation, which has led to an overall drop in real earnings and purchasing power in most industries.

Yellen acknowledged that the country has been seeing "some big increases in prices" due to a "dramatic increase in demand for products."

Biden forced to get real on inflation as the price of nearly everything shoots up

  Biden forced to get real on inflation as the price of nearly everything shoots up Rising consumer prices have quickly become one of the White House's most urgent concerns as Americans grow unsettled at the higher cost of goods -- and place the blame on President Joe Biden. © Mandel Ngan/AFP/Getty Images President Joe Biden speaks on the authorization of the Covid-19 vaccine for children aged 5 to 11, in Washington, DC on November 3.

Treasury Secretary Janet Yellen Janet Louise Yellen Sunday shows preview: Biden administration confronts inflation spike The wealthy pay more than their 'fair share'— and liberals know it The Hill's Morning Report - Presented by Facebook - GOP dealt 2022 blow, stares down Trump-era troubles MORE in a new interview said the COVID -19 pandemic is the cause for the record inflation increase the. U.S. is seeing nationwide. Asked by host Margaret Brennan on Sunday in a pre-taped interview on CBS’s “Face the Nation” if she is confident prices for the average American will be back at normal

Treasury Secretary Janet Yellen claimed on Sunday that the end of inflation would depend on the pandemic and whether there is a “successful” response by the Biden administration to COVID -19. one in pre taped interview With CBS’s “Face the Nation” airing Sunday, Yellen was asked whether he believed the inflation rate would return to normal levels by next November “We are confident that this bill, as it moves through the process, is being paid in full,” he said. “And not only that, it’s actually going to reduce the deficit in the long term .” Granthshala News’ Jessica Chasmar contributed to this report.

The consumer price index rose last month to over 6 percent, the highest in over two decades, according to a report released by the Department of Labor.

After months of defense rhetoric on rising inflation, the White House has shifted its messaging, candidly acknowledging the worsening economic issue that has cursed Biden's presidency.

White House National Economic Council Director Brian Deese on Sunday cited high inflation as a reason to push the nearly $2 trillion social spending and climate bill through Congress.

"This bill is actually going to address the core costs that American families are facing in child care, in housing, in health care," he said on ABC News' This Week.

Deese echoed Yellen in linking economic recovery to the country's COVID-19 response.

"We have to finish the job on COVID. We know that the more that people feel comfortable getting out into the economy, going to movies rather than buying television at home, working in the workplace, the more we can return a sense of normalcy to our economy," he said.

Recent polls paint a troubling picture for Biden, as Democrats face an uphill battle to maintain control of their razor-thin congressional majorities.

Seventy percent of Americans said the economy is in bad shape, and 55 percent disapproved of the president's handling of the economy in a new ABC News/Washington Post survey.

Newsweek reached out to the White House for further comment.

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Inflation narrative is flawed .
There's a big problem with the current inflation narrative: It may not be the whole story. Beyond the Covid-19 pandemic, surging demand and supply chain issues, there's also the roles played by corporate America, President Joe Biden and the Federal Reserve.The inflation narrative is largely set. The coronavirus pandemic created supply chain snarls. It put production out of whack. As demand has roared back following Covid-19 lockdowns, prices have soared.

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