August 17, 2022
Janet Yellen says she sees no signs of a US recession on the horizon now

Janet Yellen says she sees no signs of a US recession on the horizon now

BLOOMBERG — Treasury Secretary Janet Yellen expressed confidence in the Federal Reserve’s fight against inflation and said she saw no sign of the US economy heading into a deep recession.

“We may see some slowdown in job creation,” Yellen said on the USA Network’s “Meet the Press” program. NBC This Sunday (24). “I don’t think it’s a recession. A recession is a general weakness in the economy. We’re not seeing that right now.”

With US consumer prices rising at the fastest pace in four decades, a A growing number of analysts say recession and rising unemployment will significantly reduce price pressures.. In June, the central bank raised rates to the highest level since 1994 and is expected to approve another 75 basis point hike this week.

Inflation is “very high,” Yellen said, renewing the Joe Biden administration’s argument that prices are also high in many developed economies around the world.

“The central bank is charged with implementing policies that reduce inflation,” former Fed Chair Yellen said. “I believe they will succeed.”

Although the U.S. recorded two consecutive quarters of economic contraction, Yellen — citing the U.S. labor market — said she did not expect academics from the National Bureau of Economic Research (NBER) to do so. This is the situation today.

“I would be surprised if the NBER declared this period a recession, even if it had two quarters of negative growth,” he said. “We have a very strong job market. When you’re creating almost 400,000 jobs a month, it’s not a recession.

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