wrong then about the path that inflation would take. as i mentioned, 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 didn t fully understand. don t need to be janet yellen to know price said on just about everything have gone up for about a year. let s bring in catherine rampell. catherine, it s a little bit disturbing for a layman like myself to hear someone like janet yellen say she got it wrong and didn t fully understand something in the economy. how did she not know? look, if janet yellen can t predict these things, what hope is there for the rest of us? she s one of the best forecasters that the fed has ever had. she was formerly the chair of
rising. let s talk about higher prices. on cnn u.s. treasury secretary janet yellen who spent her life watching inflation and judging it admits she made a mistake last year when she didn t think it was going to get this bad. listen. i think i was wrong then about the path that inflation would take. as i mentioned, 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 at the time didn t fully understand. what a perfect storm for forecasters, right? they don t have a crystal ball, first of all. second of all, transitory, a year ago she thought 3% maybe would be where inflation would settle out. it s 8.3%. there were a few voices like larry summers the former treasury secretary who were warning about inflation in the
that have boosted energy, and food prices. and supply bottlenecks. that have affected our economy badly. that i didn t, at the time, didn t fully understand. but we recognize that now and the question is, now what? president biden reportedly rattled by his sinking approval ratings. and he is looking to turn it around. nbc news reported, the president is pressing aids for a more compelling message, and a sharper strategy. while bristling at how they have tried to stifle his plane speaking persona. so let s discuss. with that, david, former obama campaign manager. and senior adviser to the president. and former florida republican congressman, carlo, a member of the republican conference. for the first two years of the trump presidency. david, you worked with joe biden. do you think we are getting enough of his plainspoken self? i think we will see more of
crisis, what is it that people are facing? it is we re just in a difficult time right now with this inflation. and while it is rare for anyone in washington to admit they re wrong, treasury secretary janet yellen told cnn she failed to anticipate how rising inflation rates would playgue americans. look, i think that i was wrong then about the path that inflation would take. as i mentioned, there have been up an tis participated large shots to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that at the time i didn t fully understand. kaitlan collins has more on toes comments by janet yellen and the biden administration s concerns of course about the state of the u.s. economy. reporter: well, at least one
minnesota congressman and national republican congressional committee chair tom emmer will join us. sandra: we head to the white house, peter doocy live from the north lawn to kick things off. hey, peter. peter: good afternoon, here at the white house hearing two different things about how we got here. on the one hand for the first time, you have an admission from the treasury secretary they miscalculated how bad inflation was going to get. i think i was wrong then about the path that inflation would take as i mentioned there have been unanticipated and large shocks to the economy the boosted energy and food prices and supply bottlenecks that have affected our economy badly this i didn t, at the time didn t fully understand.