CNBC host Joe Kernen asked if she was “on board” with the administration’s original claims that inflation was transitory.
“The question of transitory was and is that it was related to the pandemic as opposed to a kind of inflation in which we have anchored expectations, and we have really entrenched inflation,” she said, adding that she believed inflation would come down as the country returns to economic normalcy.
President Biden told reporters on Monday that there was “nothing inevitable about a recession.”
“Now you sound like a Republican politician, I’m joking, that was a joke, that was a joke,” Biden said to a reporter who asked about economists predicting a recession. “But all kidding aside, no I don’t think it is. I was talking to Larry Summers this morning, there’s nothing inevitable about a recession.”