Yellen says inflation remains Biden's No. 1 priority as Democrats face election onslaught
Inflation is embedded ‘and in a very big way’: Gary Kaltbaum
Gary Kaltbaum of Kaltbaum Capital Management on multiple CEOs raising alarms on the economy and Janet Yellen’s comments on inflation on ‘Cavuto: Coast to Coast.’
Fighting record-high inflation remains a top priority for the Biden administration, Treasury Secretary Janet Yellen said on Monday, addressing a growing concern about the state of the U.S. economy ahead of the pivotal midterm elections.
"Let me be very clear: inflation in the United States remains far too high," Yellen said during prepared remarks at the Securities Industry and Financial Markets Association's annual meeting. "Our Administration’s top economic priority is to rein it in. We recognize that the Federal Reserve bears the primary responsibility, but we are taking a broad range of complementary actions to lower costs."
Her comments come just two weeks before the midterms, in which Democrats are widely expected to lose their razor-thin majority in the House and possibly the Senate too as a result of painfully high inflation.
Inflation, and the broader economy, remain the top issues for a majority of voters, according to a recent New York Times/Siena College poll. A separate poll from CNBC showed that most registered voters (42%) think that Republicans will be more successful in getting inflation under control than Democrats (27%).
SOCIAL SECURITY RECIPIENTS TO SEE BIGGEST COLA INCREASE SINCE 1981