© Jack Gruber-USA TODAY
News: Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell testify
(77WABC) — A growing number of economists and CEO’s are sounding the alarm that the U.S. is headed for a recession.
Treasury Secretary Janet Yellen is not necessarily in full agreement but admits there is a risk of a recession — needed to bring inflation down while also pointing to positive economic factors. Yellen is the former chair of the Federal Reserve, the U.S. central bank in charge of setting American interest rates.
“We learned a lotta lessons from the high inflation we experienced in the 1970s,” Yellen told CBS. “And we’re all aware that it’s critically important that inflation be brought under control and not become endemic to our economy. And we’re making sure that that won’t happen.”
Yellen cites healthy job market, a downturn in shipping costs and the shortening of delivery lags pointing to trends fending off recession.
