U.S. GDP fell by an unexpectedly high 0.9% for the second quarter after dropping over a percentage point for the previous three months.
Yellen said the real definition of a recession is a “broad-based weakening of the economy,” and “that is not what we’re seeing right now.”“What we can constructively do is talk about what is the state of the economy,” she said, highlighting that the labor market remains “exceptionally strong.” Inflation remains the Biden Administration’s main priority, and there’s a possibility the Federal Reserve can tame inflation without causing the labor market to suffer, Yellen said, reiterating a previous talking point.
“There’s a path to bring down inflation while maintaining a strong labor market,” Yellen said. “It’s not a certainty that that can be done, but I believe there is a path to accomplishing that.”, causing American households to think twice, be it about everyday things like groceries or investing in risky assets such as cryptocurrencies. Bitcoin has plunged about 50% in value since the start of the year, and ether and other major alternative coins have suffered steep declines as well.
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