Yellen: We'll get inflation down in 2023 -- but it's Putin's fault if we don't

BROWNSTEIN: “— which we will be fighting this fight for quite a while. Do you see a possibility that inflation will be essentially under control by the end of next year before we are full-on into the presidential race, or is this something we’re still going to be dealing with in a serious way into 2024, maybe beyond?”

Yellen: “Well, I believe it’s going to come down certainly next year, although, let’s be clear, there are risks. The Russian invasion of Ukraine hasn’t come to an end, we’re seeing Putin weaponize oil and gas in fighting this war. So, we remain vulnerable to supply shocks, but I think the Fed is clearly committed to bringing inflation down, and I expect that to be successful —“

BROWNSTEIN: “2023, you think it will be a better year?”

Yellen: “I think it’ll be bit — I think it’ll be better. Two percent is the goal, and perhaps we don’t get there next year, but I certainly expect to see inflation come down.”