During an interview with CNN’s Wolf Blitzer on Tuesday, Treasury Secretary Janet Yellen admitted that she was “wrong” about inflation when she said in 2021 that it was just a “small risk.” The Treasury Secretary said that her prediction was incorrect due to shocks in the economy that she was unable to predict and that she didn’t “fully understand.” “Well, look, I think I was wrong then about the path that inflation would take,” Yellen said. “As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that

The United States economy shrank at a 1.5% annual rate during the first quarter of 2022, according to a new report from the Bureau of Economic Analysis. The poor numbers were the worst since Gross Domestic Product (GDP) fell by 31.2% in the second quarter of 2020 due to lockdowns put in place during the beginning of the COVID-19 pandemic. The 1.5% reduction was also worse than the 1.3% Dow Jones estimate and worse than the originally reported 1.4%. “Real gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022,” the report states.