Yellen: Prices Will Go Back to Normal as ‘We Get the Pandemic Under Control, the Global Economy Comes Back’

During a portion of an interview broadcast on Tuesday’s “CBS Evening News,” Treasury Secretary Janet Yellen said that as “we get the pandemic under control, the global economy comes back,” price pressures will be mitigated and prices will go back to normal, and that while she thinks the pressures are “transitory,” she doesn’t want to suggest they’ll go away in the next couple months.

Yellen said, “I believe it’s transitory, but I don’t mean to suggest that these pressures will disappear in the next month or two.” And “This is an unprecedented shock to the global economy. It’s led to a huge shift in demand away from services and toward goods, and it’s created huge bottlenecks in supply chains. We have close to 100 ships that are docked outside the ports of Los Angeles and Long Beach, waiting to unload goods, and our supply chains are very stressed.”

She also stated, “[W]e get the pandemic under control, the global economy comes back, these pressures will mitigate, and I believe we’ll go back to normal levels.”

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