Transcript: Jason Furman on "Face the Nation," May 22, 2022

The following is a transcript of an interview with Jason Furman, former chair of the White House Council of Economic Advisers, that aired Sunday, May 22, 2022, on "Face the Nation."

MARGARET BRENNAN: We're joined now by Jason Furman. He was chairman of the Council of Economic Advisers under former President Obama, and he joins us today from Davos, Switzerland. Welcome back to FACE THE NATION. You know, it was a rough week, really, for the markets. The Treasury Secretary kind of spooked people when she started talking about high energy prices, high food prices having a slowing effect on the economy. Ben Bernanke, the former Fed chair, also used this word stagflation. What should American consumers understand is going on?