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.
US Treasury Secretary Janet Yellen speaks at a policy forum in Washington on June 9, 2022WASHINGTON - 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.
Wall Street stocks tumbled after the US central bank on Wednesday raised the benchmark borrowing rate by 0.75 percentage points, the sharpest rise in nearly 30 years. But she said she did not believe that"a dropoff in consumer spending is the likely cause of a recession."
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