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BondBonds
Sep 19, 2023 6:22AM ET
Do you really believe her?
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Yellen: No signs US economy in downturn, warns against gov't shutdown
Published Sep 18, 2023 10:36AM ET
Updated Sep 18, 2023 05:11PM ET
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen delivers remarks on "Next Steps in the Evolution of Development Finance" at a Center for Strategic and International Studies (CSIS) in Washington, U.S., February 9, 2023. REUTERS/Leah Millis/File Photo
By Andrea Shalal and Doina Chiacu
WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Monday said she saw no signs the U.S. economy is entering a downturn but warned that failure by Congress to pass legislation to keep the government running risked slowing momentum in the economy.
"I don't see any signs that the economy is at risk of a downturn," Yellen told CNBC, noting that the U.S. labor market also remained strong and inflation was coming down.
"There's absolutely no reason for a shutdown," she said. "Creating ... a situation that could cause a loss of momentum is something we don't need as a risk at this point."
Yellen said it was premature to gauge the impact of a strike by the United Auto Workers against the Detroit Three U.S. automakers, one of the most ambitious U.S. industrial labor actions in decades, noting that would depend on how long it lasts and who was affected.
She underscored President Joe Biden's commitment to collective bargaining and ensuring that workers "come out ahead as well" since the industry had been doing well.
She said the labor market remained strong, but it was cooling and was "not quite as hot as it was," which was important given the objective to lower inflation back down to 2%.
Yellen, the former chair of the Federal Reserve, said the central bank's moves to raise interest rates had begun to impact the housing market, but consumer spending remained "quite robust."
She said the Biden administration was keeping a close eye on gasoline prices after recent surges, and Biden was committed to ensuring that prices remained affordable for Americans.
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Comments (10)
Maximus Maximus
Sep 18, 2023 7:58PM ET
shorters and permabears all pin their hopes on a shutdown and another downgrade, brought to you by the useless gop..
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Alan Rice
Sep 18, 2023 6:43PM ET
So, how fast can the world's biggest economy stop ?? Stay tuned .
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Tom Saltzman
Sep 18, 2023 5:18PM ET
🤣🤣🤣 They're praying for a government shutdown.
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Stephen Fa
Sep 18, 2023 3:38PM ET
Her lies are only 'transient.'
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Peter Galik
Sep 18, 2023 2:04PM ET
They will make any false claims to obscure and cover up impact if high inflation on real cost of living.
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EL LA
Sep 18, 2023 12:54PM ET
No downturn? This is really good news for thousands of undocumented migrants who are becoming independent contractors, which is a great and perfectly legal loophole for getting new jobs in the USA!
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First Last
Sep 18, 2023 12:54PM ET
It's not legal. When it's found out that an employer hired an illegal immigrant employee, only the employer gets into legal trouble. When it's found out that an employer hired an illegal immigrant independent contractor, it's the illegal immigrant who gets into legal trouble.
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Brad Albright
Sep 18, 2023 12:54PM ET
First Last No pesky facts, please.
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First Last
Sep 18, 2023 12:52PM ET
Retrumplicans are a sign that the economy is at risk of a downturn.
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Derick Lim
Sep 18, 2023 11:30AM ET
No sign Yellen is not senile...warns against 🐂💩
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Mark Jannetty
Sep 18, 2023 11:29AM ET
if she says we are not in a down turn, things are going to get ugly. she is wrong 100% of the time
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First Last
Sep 18, 2023 11:29AM ET
Smh, going from blame Biden for everything to Yellen "is wrong 100%".
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Mark Jannetty
Sep 18, 2023 11:29AM ET
First Last go play with your crayons little girl
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First Last
Sep 18, 2023 11:29AM ET
Mark Jannetty I see you're coping Warm Camp's misogyny and adultism. Retrumplicans tend to be old white men, so you need to made a slur against my race to make it a trifecta!
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First Last
Sep 18, 2023 11:29AM ET
* you're copying
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