MOSCOW (Pakistan Point News / Sputnik - 10th July, 2023) The possibility of a recession in the United States cannot be completely ruled out as inflation remains high, US Treasury Secretary Janet Yellen said.
"It's not completely off the table. But we would expect, with the job market as strong as it is now, to see a slower pace of ongoing job gains," Yellen told the CBS broadcaster on Sunday.
Yellen added that the slower growth of the US economy was "appropriate and normal."
"We have a healthy economy, a great labor market, inflation too high, and a concern of ours and the American people, but coming down over time, and it's my hope that, and belief, that there is a path to bring inflation down," Yellen said.
In late June, Federal Reserve Chair Jerome Powell said that a recession in the US is not certain but still possible as the Federal Reserve's target of returning inflation to 2% per year via interest rate hikes might not be achieved until 2025.
