Treasury Secretary Janet Yellen speaking with CNBC’s Sara Eisen (not shown) at the U.S Treasury Department on Jan. 8th, 2024.
CNBC
Treasury Secretary Janet Yellen said Wednesday that the stimulus spending signed into law by President Joe Biden to aid the U.S. recovery from the Covid-19 pandemic may have contributed “a little bit” to the country’s subsequent inflation woes.
But the widespread rise in prices that marred the Democrat’s administration was mostly “a supply-side phenomenon” caused by the pandemic itself, Yellen told CNBC’s “Money Movers” in an exit interview before leaving her role.
There were “simply huge supply chain problems,” she said, adding that shortages of critical goods “started pushing up prices a great deal.”
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