US Treasury Secretary: Inflation is too high, the US economy is slowing down, but there are no signs of a recession

US Treasury Secretary Janet Yellen said the US economy is slowing down, while noting that there are no signs of a recession.

“The economy is slowing down,” Yellen said in an interview with NBC that aired on Sunday. “Last year there was a rapid growth of about 5.5%, and we were able to return people who lost their jobs during the pandemic. The job market is very strong right now. It’s not “The economy is in recession, but we’re in a transition period right now where growth has slowed. That’s important.”

“But at the moment you don’t see any signs, a recession is a wide-ranging recession that affects many sectors of the economy. It doesn’t exist,” she added.

However, Yellen noted that inflation is too high. “The Federal Reserve has been instructed to pursue a policy aimed at reducing inflation. I expect it to be successful,” she said.

Source: TASS

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