Treasury Secretary Janet Yellen said Sunday that she believes the U.S. economy will slow down but doesn’t believe a “recession is inevitable.”
“I expect the economy to slow,” Yellen told ABC News’ “This Week.” “It’s been growing at a very rapid rate. … The labor market has recovered, and we have reached full employment.”
The Treasury secretary said the top priority of Federal Reserve Chairman Jerome Powell is to bring inflation down while keeping a strong labor market intact. Last week, the Fed hiked its benchmark interest rate by 0.75 percentage point, the highest rate hike since the early 2000s, in an attempt to offset yearly inflation that soared to 8.6 percent in May….