Yellen Links Rising Food and Rent Prices to Voters' Negative Economic Outlook

Treasury Secretary Janet Yellen highlighted the impact of high food and rent prices on voters' negative economic outlook. While overall inflation rates have decreased, food prices have consistently outpaced baseline inflation, and rent price inflation remains high. This disparity between the Biden administration's perception of progress and voters' monthly household expenses is a significant challenge for President Biden's reelection campaign, as nearly 60% of registered voters disapprove of his handling of the economy. Yellen emphasized the need to explain the administration's economic achievements and expressed hope that as inflation decreases and the labor market remains strong, Americans will recognize the progress made.