Treasury Secretary and former Federal Reserve Chair Woman Janet Yellen announced that she believes that elevated inflation won’t ease until the second half of 2022 on Monday.

Why it Matters: The Biden Administration has been dealing with significantly higher than expected inflation since the spring, with pressure now mounting after October’s CPI (Consumer Price Index) reporting clocking in at a scorching 6.2 percent.

Yellen’s announcement will be seen as an attempt to calm worries about extended high inflation while also lowering expectations for lower inflation in the near future.

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