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President Biden said yesterday the administration has limited near-term options for bringing down the high prices facing Americans, according to the Wall Street Journal (subscription).

• “There’s a lot going on right now, but the idea we’re going to be able to, you know, click a switch, bring down the cost of gasoline, is not likely in the near term, nor is it with regard to food,” Mr. Biden said Wednesday.

Taxes: Biden went on to advocate for tax increases, a move that manufacturers would oppose.

Meanwhile, Treasury Secretary Yellen acknowledged the inaccuracy of her past statements suggesting that inflation was “ transitory” and likely to ease up after COVID-19 stressors were relieved, according to CNBC.

• “I think I was wrong about the path that inflation would take,” said Yellen. “There have been unanticipated and large shocks that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly that I didn’t fully understand.”

The Fed: In an op-ed in The Wall Street Journal (subscription), President Biden said the Federal Reserve has a “primary responsibility to control inflation” but that he will not “influence its decisions inappropriately.”