Millionaire Treasury Secretary Janet Yellen gives out-of-touch response to skyrocketing grocery prices
What measures did grocery store CEOs tell Yellen they were taking?
Grocery store CEOs told Yellen they were cutting costs for necessities such as bread, milk, diapers, and other core purchases1. This was mentioned as a response to address inflation and high prices faced by Americans.
What new steps has the Biden administration taken regarding housing?
The Biden administration has taken several steps to address housing issues, including awarding $85 million in housing funds to 21 state and local governments to increase the supply of affordable housing, as well as implementing measures to reduce barriers to building housing and promote fair and transparent rental markets1.
Why did Janet Yellen describe herself as not shocked by grocery prices?
Janet Yellen described herself as not shocked by grocery prices because she believes the price increases largely reflect cost increases, including labor cost increases that grocery firms have experienced. She also mentioned that there may be some increases in margins. Yellen expects inflation to come down and hit the Fed's two percent target by early next year.