I strongly agree. As I indicated--well, let me say more generally, I think if you look around the globe in modern times and you consider every country that has gone through a period of chronic high inflation or hyperinflation, what you will find is a central bank that was pressured to print money by politicians who were unable to balance the budget.
Yellen emphasizes the dangers of political pressure on central banks during inflation crises.
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More from Janet Yellen
The tax cuts passed by Donald Trump and Congressional Republicans... was responsible for many of the problems that we face now with our fiscal trajectory.
We certainly have proposed extending the Child Tax Credit, which was immensely helpful, and we are supportive of the legislation that has gone through the House.
I am optimistic, because I believe that the big inflationary impulse that we saw in 2022 largely was global.
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