Treasury Secretary Janet Yellen claimed on ABC that a recession is not inevitable, though she foresees the US economy slowing down in the months ahead.
“Well, I expect the economy to slow, it’s been growing at a very rapid rate as the economy – as the labor market has recovered and we have reached full employment, it’s natural now that we expect to transition to steady and stable growth. But I don’t think recession is at all inevitable,”The priorities of President Biden and Fed Chairman Jerome Powell are to lower theTreasury Secretary Janet Yellen said in an interview that she expects the economy to slow down in the coming months.
“But at the same time, it is important as Americans that we recognize the unique strengths that we have in this economy,”noting the unemployment rate of 3.6% and low mortgage and credit card delinquencies. “As we move through this transition, not only is a recession not inevitable, but what we as policymakers can do is take steps to build on our unique strengths in the American economy and try to get to that stable and steady growth that we all want to get to as quickly as possible,” Deese said.
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