Treasury Secretary Janet Yellen DENIES economy is in recession but admits it's 'slowing down': Biden official says 9.1% inflation is 'too high' but 'signs' of a downturn aren't there

Janet Yellen Denies the Economy is in a Recession

• Yellen did not rule out a recession in the future, but insisted the "signs" of a recession were not present in today's economy
• Consumer spending, industrial output, and credit quality remain above recession levels
• She commiserated with the burden surging prices had on consumers

Inflation in the U.S. rose to 9.1% in June, the highest since 1981 and above what economist had predicted

• Vice President Joe Biden conceded the number was unacceptable, but insisted it did not include the steady decline in gas prices seen this month.

Biden held a meeting with his economic advisers to discuss how to lower gas prices

• He touted measures like releasing oil barrels from the US strategic petroleum reserve while renewing calls for energy companies sitting on unused drilling permits to use them or lose them
• Biden officials have also been using sky-high energy prices to accelerate the national transition to clean energy, which they argue is the most permanent solution to the costs

 

https://www.dailymail.co.uk/news/article-11043837/Treasury-Secretary-Janet-Yellen-DENIES-economy-recession-admits-slowing-down.html