(Bloomberg) -- Treasury Secretary Janet Yellen stuck with her assessment that elevated U.S. inflation will prove “transitory,” while acknowledging it will take longer for the pace of price gains to return to normal.
“I believe it's transitory, but I don't mean to suggest these pressures will disappear in the next month or two,” Yellen said in an interview on CBS Evening News with Norah O'Donnell that aired Tuesday evening.
Yellen attributed the price spikes in many goods to the “huge disruption” from the Covid-19 pandemic to global supply chains, an effect that would slowly dissipate.
“There's no reason for consumers to panic over the absence of goods they're going to want to acquire at Christmas,” she added.
Read More: Fed's Bostic Says Transitory Is ‘Dirty Word' as Inflation Lasts
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