some republicans calling for her resignation. how will that go? hillary vaughn is on the hill watching it now. good morning, hillary. good morning, bill. this is the first time that the treasury secretary is meeting face-to-face with lawmakers after she openly admitted last week the first biden administration official to do so, that they were wrong about inflation. was it a mistake to downplay this inflation risk? i think i was wrong then about the fact that path that inflation would take. new reporting suggests yellen may have been right and agreed with larry summers that the american rescue plan could cause problems. excerpt from a biography due out in september reads this. privately yellen agreed with summers that too much government money was flowing into the economy too quickly. republicans on capitol hill who
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to be temporary. the risk of inflation, i think there s a small risk, and i think it s manageable. most economic analysts believe it will have a temporary transitory impact. reporter: when are you guys going to admit that you were wrong about inflation? [laughter] no easy questioned today, huh? maria: well, temporary, transitory, manageable, all words is white house used to downplay the inflation threat as the cost of living began to climb one year ago. one year later gas prices have doubled, and the administration is on an apology tour trying to convince americans that the economy is not as bad as we think it is. here s treasury secretary janet yellen on cmn last week cnn. has downplayed this inflation risk. does that corrupt to the problems we re all seeing right now? well, look, i think i was wrong then about the path that
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howard: joe biden has launched a media blitz to tout the his concern about inflation serving top officials on to the cable circuit and staging a photo op with jerome powell and treasury secretary janet yellen. my plan is to address inflation. it starts with a simple proposition, respect the fed. respect the fed s independence. mad cam secretary, was it a mistake to downplay this inflation risk? well, look, i think i was wrong then about the path that inflation would take. after first dismissing inflation as transitory then blaming it on putin, bide biden came out to make you think he really cares. guns are one of the serious crises. inflation may be the tough thest because it s really beyond the control of the president. howard: mollie, is the largely negative coverage of inflation going to be influenced by
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inflation we are seeing. global economics contributor for the wall street journal. john, hi how are you? seems like we have conflicting news and jobs are up, wages are but so is inflation. how does the administration get a handle on this? can they? it s on the federal reserve to get a handle on it that is the first job. and that is what they are doing by raising interest rates. it is great news if you want a job you can get one. the problem is the paycheck you re getting from that job does not go as far as it used too because inflation is rising so much. so that jobs report that came out yesterday it was still quite strong almost 400,000 jobs created. the fed has to take some of the heat out of the economy and that is what we are going to be looking out over the next few months. that is where the inflation risk i m sorry with recession risk comes in. is the fed going to take so much heat out of the economy and drives it all the way into a recession? it s a delicate act they have got
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