said Friday that she doesn’t see a recession on the horizon, and instead said the U.S. is on a path to easing inflation without disrupting jobs.
Treasury Secretary Janet Yellen brushed aside worries of a recession in remarks in Louisiana on Friday. after saying for months that rising inflation that started when President Biden took office would be "transitory" and short-lived. "Going forward, I expect the current strength of the labor market and robust household and business balance sheets to serve as a source of economic strength, even if our economy does cool a bit more as inflation falls," she said.
Yellen credited some of the massive spending bills that President Biden signed into law for the strength of the economy. She cited legislation spending $280 billion over the next decade to boost domestic tech companies, the $1 trillion infrastructure bill and the $1.7 trillion Inflation Reduction Act, which primarily subsidized Democrats’ health and clean energy priorities.
Yellen said she has spoken with business executives who also believe the U.S. economy will skirt a recession.
Source: Financial Digest (financialdigest.net)
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