Treasury Secretary Janet Yellen has expressed remorse for her choice of words when discussing inflation.

During a recent interview, Yellen was asked, “In 2021, You did say inflation was transitory, do you regret saying that now?”

“I do regret saying it was transitory,” she replied.

Yellen added, “[Inflation] has come down. But I think transitory means a few weeks or months to most people.”

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Yellen’s interview coincides with the persistent high levels of inflation during President Joe Biden’s tenure. In February, inflation exceeded expectations by rising at an annual rate of 3.2%, surpassing the anticipated 3.1%.

The continuous surge in prices has prompted some analysts to question whether the Federal Reserve will reduce interest rates, considering they currently exceed the target rate of 2%. However, there are others who argue that this will not result in a delay in rate cuts.

During the earlier stages of Biden’s presidency, Yellen referred to inflation as “transitory” and predicted a decline once the supply chain disruptions caused by the COVID-19 pandemic eased. Although inflation has decreased from its peak of 9.1% in 2022, it has not fallen below 3% since March 2021.