Yellen says US inflation trend is down, 'mistake' to focus on minor fluctuations

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.