Yellen Expects Inflation Easing by Year End

Inflation in the United States will decline by the end of 2021 to near 2%, the U.S. Secretary of the Treasury, Janet Yellen, said on Wednesday.

Speaking in front of a Senate committee, Yellen told lawmakers that economic recovery is on a bumpy path.

She believes the recent surge in consumer inflation resulted from supply bottlenecks and shortages and will be temporary.

Yellen, the previous Chair of the Federal Reserve, refused to discuss or comment on the Fed but said that the recent change in the monetary policy tone is not due to inflation fears.