January 20, 2022

Treasury Secretary Janet Yellen on Thursday defended the Biden administration's economic achievements over the president's first year in office and said that she hopes to see inflation closer to 2% by the end of 2022.

She highlighted robust gains in the U.S. labor market over the last 12 months, including the addition of over 6 million jobs and an unemployment rate under 4%.

"A year ago, if you go back to the challenges that we were facing, and the Federal Reserve was facing, unemployment was extremely high. We were all worried that we would be facing a situation like we had after 2008, when it took almost a decade to get back to full employment," Yellen said.

Read more: