Inflation not under control

 Washington Examiner:

Treasury Secretary Janet Yellen and top officials at the Federal Reserve are acknowledging that the country’s soaring inflation is unlikely to go away anytime soon.

Yellen, who formerly led the central bank, said Sunday that “unacceptably high” inflation will permeate the economy for at least the rest of the year, a prospect that hurts Democrats’ chances of retaining control over the House and Senate.

“We’ve had high inflation so far this year, and that locks in higher inflation for the rest of the year,” she said Sunday on ABC. “I expect the economy to slow.”

Some economists thought the country’s historic inflation had peaked when it dropped to an 8.3% annual rate in April. But then, May’s consumer price index report showed inflation rising even more to 8.6%, the briskest pace since 1981. The Fed responded last week by raising interest rates by three-quarters of a percentage point, the most aggressive increase of the federal funds rate since 1994.

...

She should tell Biden who seems to think it is not a problem. 

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