Outgoing Treasury Secretary Janet Yellen pins inflation on pandemic supply chains, not stimulus spending.

Janet Yellen, outgoing Treasury Secretary, said that while the Biden administration's COVID-19 stimulus spending may have contributed "a little bit" to inflation, the main driver was supply chain issues due to the pandemic. She defended the $1.9 trillion relief bill as necessary to combat high unemployment and suffering during the pandemic. Yellen will be replaced by hedge-fund executive Scott Bessent.

3 months ago
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