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“This is not an economy that is in recession,” said Ms. Yellen. “But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate.” In addition, the Biden administration is selling oil from the Strategic Petroleum Reserve, which Ms. Yellen said has already helped lower gas prices.
“I’m not saying that we will definitely avoid a recession,” Ms. Yellen said. “But I think there is a path that keeps the labor market strong and brings inflation down.”
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