With price pressures at their most intense in 40 years, the US Treasury Secretary finds herself trapped in the inevitable blame game, fighting to keep her professional reputation intact.
It was supposed to have been a capstone. Instead, Janet Yellen’s stint as Treasury secretary threatens to become a stain on a storied career.
Americans haven’t felt this dismal about the nation’s – and their own –prospects since the recession of 1980, the latest reading of the University of Michigan’s gauge of consumer sentiment shows, while polls indicate the majority of voters disapprove of Biden’s handling of inflation. The first central banker to hold the position since the Jimmy Carter years, Yellen is esteemed for her diligence and intellectual rigour. Yet, she appears to lack the nimbleness prized by denizens of the White House. That’s made her, at times, an awkward fit in this administration, say US officials who’ve observed her interactions with members of the administration.
In a statement, Deese rejected the notion that the Treasury Secretary was marginalised. “Secretary Yellen is an essential partner and an integral part of the administration’s economic policy team,” he said. “Her words and her perspective carry enormous weight.
Once Yellen was on board, it was her idea to freeze the Bank of Russia’s assets, rather than ban currency transactions. That proved to be an astute move, showcasing her deep knowledge of the financial system because it effectively closed a loophole that had allowed Russia to bring in money.More than 100 days into the war, new fractures are emerging inside the Biden administration on how to handle Putin.
By September last year, her thinking had changed, and her staff shared fresh analysis with the White House, where it was largely disregarded, showing that price pressures were more widespread and more stubborn. Meanwhile, Biden has expressed anger toward his staff for not doing more to address the cost-of-living crisis hitting Americans, say three people familiar with the matter.
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