Yellen says she regrets saying inflation was ‘transitory’

Treasury Secretary Janet Yellen said she regrets describing inflation in 2021 as “transitory,” the term several Federal Reserve and Biden administration officials used to describe the pandemic-induced price surges they initially thought would be temporary.

“I regret saying it was transitory. It has come down. But I think transitory means a few weeks or months to most people,” Yellen said during an interview with FOX Business Network’s Edward Lawrence on Monday.