Secretary Yellen: I was wrong about the path inflation would take

US Treasury Secretary Janet Yellen said during a CNN interview on early Wednesday “Inflation is number one concern for President Biden”.

Financial markets are digesting Yellen’s comments amid a generally quiet early Asian session. The AUD/USD pair pauses the day-start recovery moves around 0.7180.

Key Quotes

I was wrong about the path inflation would take.

Biden shares Fed’s priority for lowering inflation, believes strongly in Fed independence.

Encouraged by declines in core inflation but oil prices remain high.

Cannot rule out further inflationary shocks.