Treasury Secretary Janet Yellen said Sunday that high inflation would persist for the remainder of 2022 and that, while she expects the U.S. economy will cool, a recession is far from a sure bet.
“We’ve had high inflation so far this year, and that locks in higher inflation for the rest of the year,” Yellen said in an interview with ABC’s “This Week.”
The Treasury secretary said she expects the U.S. economy to slow, but doubled down on her insistence that a full-blown recession is not “inevitable,” despite concerns that the Federal Reserve’s aggressive interest rate hikes could tip the economy into a downturn….