(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksSoros’s Money Manager Warns Recession ‘Inevitable’ But Market Timing Is OffYellen Says ‘I Was Wrong’ Last Year on the Path of US InflationBiden Says US Will Provide Ukraine Advanced Rocket SystemsThe Federal Reserve is about to start shrinking its $8.9

US Treasury Secretary Janet Yellen admitted Tuesday that she had failed to anticipate how long high inflation would continue to plague American consumers as the Biden administration works to contain a mounting political liability.