She says that the economy continues to defy recession.
During a speech in Boston in early January, Treasury Secretary Janet Yellen said inflation was cooling and that, in some cases, prices were down. She felt that a recession had been avoided.
This week, the secretary acknowledged in an interview that, for most Americans, prices are not coming back down. Secretary Yellen said, “Well, I think most Americans know that prices are not likely to fall. It’s not the Fed’s objective to try to push the level of prices back to where they were, but to stop them from rising so wage gains exceed price gains.”
The secretary added, “Recent surveys suggest that picture is changing. We’ve seen a massive increase, improvement in consumer sentiment in recent surveys. The pandemic had a huge impact on so many households, apartment rents, food are maybe 20% higher than they were before the pandemic. And I think that’s something that influences sentiment. But what’s happening, for more than a year now — and I expect this to continue — is wages are rising more rapidly than prices.”
As the Lord Leads, Pray with Us…
- For Secretary Yellen to receive God’s direction as she heads the Treasury Department.
- For wisdom for Federal Reserve officials as they assess the rate of inflation and interest rates.
Sources: CNN, Breitbart, ABC News, The Gateway Pundit
