US Treasury Secretary Janet Yellen said it was too early to say that the possibility of a recession in her country is no longer a risk.
US Treasury Secretary Janet Yellen described the moderation of growth as “appropriate and normal”, while describing the inflation level as too high. “The risk of recession has not gone away,” Yellen said in an interview on CBS television on Sunday.
Yellen said, “My hope and belief is to bring inflation down with a healthy labor market. There are signs that we are advancing on this path,” she said. US June inflation will be released this Wednesday.
Although consumer inflation is expected to decline from 4 percent to 3.1 percent, the CPI excluding food and energy, which is closely followed by the Fed, is expected to increase by 5 percent annually. On the other hand, Yellen said that the Biden administration does not insist on providing an “economic advantage” against China, after her high-level contacts that took 10 hours in two days in China.
Yellen added that the export controls announced by the US in the last period are “targeted” and aim to strengthen national security.