Janet Yellen admits she didn't see inflation coming

I was wrong about the path inflation would take.  There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that at the time I didn’t fully understand.

~ Treasury Secretary Janet Yellen, "Yellen Says ‘I Was Wrong’ Last Year on the Path of US Inflation," Bloomberg, May 31, 2022