Treasury Secretary Janet Yellen mentioned Thursday in an unique interview with CNN that she didn’t see indicators of a recession within the close to time period because the US economic system rebounded from six months of contraction.
Throughout a one-on-one interview in Ohio that aired on CNN’s “Erin Burnett OutFront,” Yellen mentioned the third quarter GDP knowledge launched Thursday underscored the energy of the US economic system as coverage makers urgently transfer to chill off pervasive and hovering inflation that has had a pointy impact on American views of the economic system – and endangered the Democratic majorities on Capitol Hill lower than two weeks from the midterm elections.
“Look, what we’re seeing proper now’s stable progress this quarter. Progress has clearly slowed following a really speedy restoration from excessive unemployment,” Yellen mentioned when requested about whether or not the newest GDP knowledge assuaged any recession considerations. “We’re at a full employment economic system. It’s very pure that progress would gradual. And it has over the primary three quarters of this 12 months, but it surely continues to be OK. We now have a really sturdy labor market. I don’t see indicators of a recession on this economic system at this level.”
Yellen’s optimism comes amid rising concern from economists and finance officers {that a} recession is probably going sooner or later within the subsequent 12 months, however was primarily based partly on parts of the newest knowledge that confirmed indicators a needed slowdown in key areas of the economic system leaves open a pathway to a “delicate touchdown” because the Federal Reserve prepares to proceed its speedy tempo of price will increase. #PhilMattingly #erinburnettoutfront #CNN
