Just as some have predicted – but even sooner than anyone really expected – Treasury Secretary Janet Yellen not only walked back her previous statement but has completely reversed it.
Speaking at the CEO Council Summit, the former Fed leader said she “did not see Biden’s rescue program overheating the American economy.”
“Let me be clear I am not predicting this,” Yellen said concerning rates, changing her previous perspective completely.
Then she spoke about the topic of inflation, using the establishment take that inflation will be “transitory” for six months.
She also said that if there was an inflation issue she is certain the Federal Reserve could be counted on to solve it.
Previously, Yellen was speaking at The Atlantic’s “Future Economy Summit” and sparked investor worries with her prediction.
“It might be that interest rates will need to rise to ensure the economy does not overheat”
And this gem of truth:
“We have gone for too long allowing long-term problems in our economy”
Is she speaking of the Fed-sponsored money printing and wealth-creation? Listen to her comments here…
And in response to her comments – stocks plummeting as one might expect at the first signs of easy money being removed… The dollar also spiked.
Now, it seems, the establishment has reigned her in and forced her to play along.