US recession not inevitable: Treasury secretary

US recession not ‘inevitable,’ Treasury secretary says

AFP

Synopsis

The US economy has recovered strongly from the Covid-19 damage, but soaring inflation and supply-chain snarls exacerbated by the war in Ukraine have increased pessimism.

Reuters
U.S. Treasury Secretary Janet Yellen

A recession in the United States is not “inevitable,” Treasury Secretary Janet Yellen said Sunday, just days after the US Federal Reserve hiked interest rates, raising fears of an economic contraction.

“I expect the economy to slow,” she said on ABC’s “This Week,” but “I don’t think a recession is at all inevitable.”

The US economy has recovered strongly from the Covid-19 damage, but soaring inflation and supply-chain snarls exacerbated by the war in Ukraine have increased pessimism.

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