Yellen: Recession not inevitable, gas tax holiday weighed
Treasury Secretary Janet Yellen says she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.[MGN/CNBC Television]
REHOBOTH BEACH, Del. (AP) – Treasury Secretary Janet Yellen says she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
She’s offering a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation and the Russian invasion of Ukraine.
Yellen tells ABC’s “This Week” that overall consumer spending in the United States remains strong, while also noting that spending patterns are changing, given the impact of rising food and energy prices.
She’s also expressing an openness to a federal gas tax holiday to help give motorists some relief at the pump. And she says it’ll take “skill and luck” to bring down inflation while maintaining low unemployment.