EXCERPT:
YELLEN: "So, inflation is way too high, and it's essential that we bring it down, and that's something that Americans feel every day and I think it's what's causing them tremendous distress. And, of course, that is President Biden's, our administration's top economic priority to do that. But we're not in a recession. The labor market is exceptionally strong. The unemployment rate extremely low, there are almost two job vacancies for every worker who's looking for a job. We've had an historically fast recovery of the labor market with around 10 million jobs created since President Biden took office. And, of course, we've had shocks that the economy has suffered, supply shocks, the impact of COVID, and, very importantly, Russia's illegal war against Ukraine that have driven up energy costs and food costs.”