Recent polls indicate that Americans are becoming more optimistic about the US economy, as reported by the Wall Street Journal. This positive sentiment extends to Treasury Secretary Janet Yellen, who expressed confidence in the nation’s ability to prevent a recession while keeping inflation under control in an interview with Bloomberg. Yellen stated, “I think you’d have to say we’re on a path that looks exactly like that.” Notably, the inflation rate has been steadily declining over the past 13 months, with the exception of a slight increase in July, when it rose to 3.2%. Yellen emphasized that “Every measure of inflation is on the road down.” The Federal Reserve Board will make a decision later this month on whether to raise interest rates in an effort to bring inflation down to the desired 2% target.
In the same interview, Yellen also addressed labor market trends, as reported by the Hill. The unemployment rate saw a slight increase to 3.8% in August, while the labor force participation rate experienced a 0.2% growth. Yellen made these comments following her attendance at the Group of 20 summit in New Delhi with President Biden. Despite some economic slowdown, Yellen emphasized the strength of the labor market and expressed her confidence that a recession is unlikely. She stated, “Our labor market continues to be quite strong—I don’t expect a recession,” and she feels “very good” about this prediction. (Read more Janet Yellen stories.)
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