Treasury Secretary Janet Yellen said Monday that Americans have to “be concerned about inflation,” as it had risen to such a level where it burdens the daily lives of people.
Yellen, former chair of the Federal Reserve, appeared on Monday’s airing of CNBC’s “Closing Bell,” where she was asked if there was a growing concern in President Joe Biden’s administration for the record-high inflation indicators.
“Well, I think we do have to be concerned about inflation. It’s reached the level that concerns most Americans who are seeing it in their pocketbook when they go to the store to buy food or to fill up their cars at the pump,” Yellen said. (RELATED: Biden Asks FTC To Probe Alleged Price Gouging By Gasoline Providers: ‘Mounting Evidence’)
WATCH:
The Treasury secretary then claimed that a confluence of factors had led to the current rampant inflation, namely the lingering effects of the COVID-19 pandemic and “demand supply imbalance.”
“The Fed needs to play an important role to make sure that this doesn’t become endemic. And I know they can be counted on to do that,” Yellen added.
She also commented on the White House’s Monday announcement on Biden’s plans to nominate chair of the U.S. Federal Reserve Jerome Powell for a second term.
“He’s clearly someone who adheres to the core reforms that were put in place and has been supportive of them and they have basically said that they see that and feel he’s the best person to lead the Fed,” Yellen said of the Republican who first assumed the position of the Fed’s chair under former President Donald Trump. “I concur with that decision.”