'I expect the economy to slow,' SecYellen says. 'It's been growing at a very rapid rate ... It's natural now that we expect a transition to steady and stable growth, but I don't think a recession is at all inevitable.'
A recession in the United States is not"at all inevitable," Treasury Secretary Janet Yellen argued Sunday, days after the Federal Reserve hiked interest rates and raised concerns that an economic downfall could be looming.
Treasury Sec. Janet Yellen tells @GStephanopoulos that a recession isn't “inevitable," but says inflation is"unacceptably high." — This Week June 19, 2022 "Although patterns of spending are changing, and higher food and energy prices are certainly affecting consumers and making them change their patterns of spending, but bank balances are high," Yellen said."It's clear that most consumers, even lower-income households, continue to have buffer stocks of savings that will enable them to maintain spending, so I don't see a drop off in consumer spending as the likely cause of a recession in the months ahead.
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