Treasury Secretary Yellen Says Recession Not ‘At All Inevitable’ — But Inflation Is ‘Unacceptably High’Treasury Secretary Janet Yellen said a
recession is not “at all inevitable,” though she warned economic growth could slow, days after the Federal Reserve hiked interest rates to fight inflation and some experts questioned whether the economy is heading into
another recession.Yellen told ABC’s This Week she
expects the economy to slow due to the recovery of the labor market from the Covid-19 pandemic, adding
“it’s natural now that we expect a transition to steady and stable growth.”Yellen added that “clearly, inflation is unacceptably high,” after
consumer prices jumped 8.6% year-over-year last month, marking an unexpected 40-year high.
Yellen reiterated that
combating inflation is President Joe Biden’s number-one priority, and that Federal Reserve Chair Jerome Powell has said his goal is to bring down inflation while maintaining a strong labor market.
