Janet Yellen: “President Biden has made absolutely clear that he opposes increasing taxes on people earning less than $400,000.”

I would expect inflation, on a year-over-year basis of this year, to shoot up to at least 3%, or slightly over, because of the tariffs.

He will oppose any tax increases on families earning under $400,000 at the same time that he will oppose keeping in place benefits that went to the wealthy.

The most recent and optimistic estimate I’ve seen suggested that the average household will see on the order of $1,000 reduction in income.

I am optimistic, because I believe that the big inflationary impulse that we saw in 2022 largely was global.