Yellen Warns Inflation to Stay High, Recants Again on Transitory

Treasury Secretary Janet Yellen told US lawmakers peppering her Tuesday with questions about the surge in the cost of living that inflation is likely to stay high and that she ought not to have termed big price increases as “transitory” last year.

Yellen, in a Senate Finance Committee hearing, continued to defend President Joe Biden’s $1.9 trillion American Rescue Plan, which Republicans have blamed for helping drive inflation to a four-decade high.

“Senator, we’re seeing high inflation in almost all developed countries around the world, and they have very different fiscal policies,” Yellen said in response to Montana Republican Steve ...