WASHINGTON: US economic growth and wage gains should 'serve as a source of resilience' moving forward even if the economy continues to cool, Treasury Secretary Janet Yellen said in remarks released on Friday (Aug 11). 'I still believe that there is a path to continue reducing inflation while maintaining a
WASHINGTON: US economic growth and wage gains should"serve as a source of resilience" moving forward even if the economy continues to cool, Treasury Secretary Janet Yellen said in remarks released on Friday .
"While there are risks, the evidence we've seen so far suggests that we are on such a path," Yellen added. The strength comes despite policymakers' efforts to ease demand and rein in inflation, fuelling hope that the central bank's aggressive campaign of interest rate hikes will lower price increases without triggering a major recession.
Real average hourly earnings have increased over the past year as well, reversing some wage inequality that has accumulated in recent decades, she added.
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