Recession in the US is not 'inevitable,' Treasury Secretary Janet Yellen says, but expects the economy to slow
US Treasury Secretary Janet Yellen, however, conceded that"clearly inflation is unacceptably high," attributing it partly to the conflict in Ukraine.A recession in the United States is not "inevitable," Treasury Secretary Janet Yellen has said, just days after the US Federal Reserve hiked interest rates, raising fears of an economic contraction.
Yellen conceded that "clearly inflation is unacceptably high," attributing it partly to the conflict in Ukraine, which has pushed up energy and food prices.But she said she did not believe that "a dropoff in consumer spending is the likely cause of a recession." She acknowledged, however, that as Fed chair Jerome Powell works to control inflation while preserving labor-market strength, "That's going to take skill and luck."Asked about proposals for a temporary suspension in federal gas taxes, Yellen expressed openness.
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