Treasury Secretary Yellen Says She Was Wrong About Inflation

Treasury Secretary Janet Yellen said Tuesday her inflation projections were wrong in statements she made last year as consumer prices began a surge to their highest level in decades.

“I think I was wrong then about the path that inflation would take,” Ms. Yellen said in a CNN interview Tuesday evening. “There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t, at the time, fully understand.”