US Treasury Secretary says economic recession isn't 'inevitable'

[20-06-2022 09:38 AM]

Ammon News - U.S. Secretary of Treasury Janet Yellen Sunday said that an economic recession isn't "inevitable" but expected the U.S. economy to slow down.

In an interview with ABC, she noted that American consumer spending remains strong and the labour market is strong, but considered inflation "unacceptably high" in part due to Russia's war in Ukraine.

Yellen said the causes of inflation are global, not local; These factors are not likely to go away immediately.

Yellen, she added, reported that President Joe Biden is reviewing the tariff policy imposed on China.

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