Treasury Secretary Yellen says consumers shouldn't 'panic' about Christmas present shortages
Treasury Secretary Janet Yellen told CBS News anchor Norah O'Donnell on Tuesday that she believes the higher prices on gas, groceries, and other goods are "transitory," adding she doesn't "mean to suggest that these pressures will disappear in the next month or two." The pandemic-related shifts in consumer habits have helped create "huge bottlenecks in supply chains," leading to hundreds of ships waiting to dock in U.S. ports, she explained. "As the economy adjusts and we get the pandemic under control, the global economy comes back, these pressures will mitigate and, I believe, will go back to normal levels."
"We're being advised now to shop now for the holidays because of these supply chain issues," O'Donnell said. "What's your message to consumers?" Essentially, Yellen advised consumers not to panic. "There may be isolated shortages of goods and services in the coming months," she said, "but there is an ample supply of goods, and I think there's no reason for consumers panic about the absence of goods they're gonna want to acquire at Christmas."
Yellen was less sanguine about the risk to the U.S. and global economies from Congress dithering about raising the debt ceiling. And she said that with 300,000 more women leaving workforce in September, "we're no longer anywhere near the top in terms of women's labor force participation. And when you look at what might be driving that, an important element is child care, paid leave." Yellen also noted that "women have disproportionate burdens for child care" and "schools haven't been operating on a normal schedule," creating "stress for them and additional responsibility."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
The Week Unwrapped: what has the Pope got to do with climate change?
Podcast Plus, the pros and cons of marathon mortgages, and the economic impact of Taylor Swift
By The Week Staff Published
-
'Are scores of women quitting the pill'?
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
The AI 'concierge' that will decide who you date
In The Spotlight If the bots click, real life may follow – or that's the idea, says Bumble
By Chas Newkey-Burden, The Week UK Published
-
Downtown St. Louis is in a real estate 'doom loop'
Under the Radar The city is rife with abandoned buildings and vacant lots, with its real estate market in dire straits
By Justin Klawans, The Week US Published
-
How will the FTC's ban on noncompete agreements affect the workforce?
The explainer Short answer: Competition will only get fiercer
By Devika Rao, The Week US Published
-
Why is Tesla stumbling?
In the Spotlight More competition, confusion about the future and a giant pay package for Elon Musk
By Joel Mathis, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
The wine industry is getting pressed as young people drink less
Under the Radar The once-dominating drink is not aging well
By Anya Jaremko-Greenwold, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
The largest insurance company payouts
In The Spotlight Fights over insurance have been in the spotlight following the collapse of the Francis Scott Key Bridge in Baltimore
By Justin Klawans, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published