Janet Yellen now sees a chance the US economy will avoid a recession as inflation is coming down
Treasury Secretary Janet Yellen has turned more optimistic about the US economy and the Federal Reserve's ability to avoid tipping it into recession.
Speaking at a briefing in India on Friday, she pointed to the strong US labor market as a key factor,"I see a soft landing as being a possible outcome, and the one that I hope we will be able to achieve," Yellen said. But the level of core inflation, which excludes volatile food and energy prices, is a sticking point.The Fed hiked interest rates from near zero to 4.75% over the past year to try to cool rapidly rising prices. Inflation has slowed from the 40-year high of 9.1%, but is still way above the Fed's 2% target,Last month, Yellen flagged there was still a chance of a severe US economic slowdown, even though inflationary pressures were moderating.
— more than double what economists expected — and retail sales rose 3% for their biggest monthly gain since March 2021.
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