U.S. inflation will be much lower by end of 2023, Janet Yellen says

U.S. Treasury Secretary says ‘there’s a risk of recession,’ but doesn’t think it’s ‘something that is necessary to bring inflation down’

U.S. Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock.

Asked about the likelihood of recession, the former Federal Reserve chair said, “There’s a risk of a recession. But … it certainly isn’t, in my view, something that is necessary to bring inflation down.” Yellen told CBS that economic growth was slowing substantially, inflation was easing and she remained hopeful that the labor market would remain healthy.

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