Treasury Secretary Janet Yellen said she is not reading too much into October’s inflation report, which showed price pressures abating faster than expected and sent markets soaring.
While the consumer price index report, which showed annual inflation slowed to 7.7%, was good news, it might not mean that inflation is now in fast retreat, she said Friday.
“I don’t know if this is a turning point,” Yellen told Reuters during an interview from India, where she was meeting with India’s Finance Minister Nirmala Sitharaman. “I never make more of one data point. That is one data point.”
“It was certainly nice to see an inflation report that came in on the low side of expectations rather than the high side and, you know, we’ve seen early indications along the pipeline that inflation might be diminishing,” she added.
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