Yellen Dismisses Hotter-Than-Expected Inflation Data, Says Market Sell-Off a ‘Mistake’

Inflation is stabilizing and Americans are feeling more confident, according to Treasury Secretary Yellen.

Treasury Secretary Janet Yellen speaks during a demonstration while visiting the Financial Crimes Enforcement Network (FinCEN) in Vienna, Va., on Jan. 8, 2024. Samuel Corum/Getty Images

Treasury Secretary Janet Yellen shrugged off the latest hotter-than-expected U.S. inflation data, arguing that the financial markets made the “mistake” of concentrating on short-term blips rather than the downward trend of the consumer price index (CPI).

At the Detroit Economic Club alongside Gov. Gretchen Whitmer (D-Mich.), Ms. Yellen stated that the January CPI report was a “tad higher” than observers expected, resulting in a sharp stock market sell-off.