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Yellen: US economy is performing very well
US Treasury Secretary Janet Yellen said the US economy is performing very well and the Biden administration is keeping all options open to respond to threats from China’s excess industrial capacity.
U.S. economic growth is likely stronger than weaker-than-expected data on first-quarter output suggest, U.S. Treasury Secretary Janet Yellen told Reuters on Thursday.
Yellen said US first-quarter GDP growth could be revised higher once more data becomes available and inflation will ease to more normal levels after a series of “bizarre” factors kept the economy at its weakest level in almost two years.
Responding to the Department of Commerce’s report showing that the US gross domestic product grew by 1.6 percent on an annual basis last quarter, Yellen said, “The US economy continues to perform very, very well.”
On the other hand, Yellen also said that the US’s proposal to use $ 300 billion in interest earnings from frozen Russian assets to help Ukraine could receive broad support from G7 allies. Yellen also stated that the Biden administration is keeping all options open to respond to threats from China’s excess industrial capacity.