© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen attends a press conference in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria/File Photo

DETROIT (Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday that recent consumer price inflation data was “a tad higher” than expectations, but market participants should focus on longer-term declines in inflation trends and a strong economy.

“I think it is a tremendous mistake to focus on minor fluctuations and to have failed to see the longer-term and bigger trends. And the trend here is that inflation is moving decisively down.” Yellen told the Detroit Economic Club, where she appeared together with Michigan Governor Gretchen Whitmer.