US Treasury Sec. Yellen: I was wrong about the path inflation would take

Anil Panchal FXStreet

"Inflation is number one concern for President Biden," US Treasury Secretary Janet Yellen said during a CNN interview on early Wednesday morning in Asia.

More quotes

Biden shares Fed's priority for lowering inflation, believes strongly in Fed independence.

She was wrong about the path inflation would take.

Encouraged by declines in core inflation but oil prices remain high.

Cannot rule out further inflationary shocks.

Market reaction

Markets paid a little heed to Yellen’s comments amid a generally quiet early Asian session. That said, the AUD/USD pair pauses the day-start recovery moves around 0.7180 at the latest.

Read: AUD/USD Price Analysis: Trades mixed below 0.7200 ahead of Aussie GDP, rising wedge eyed

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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