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Yellen Says Economy 'Resilient,' but Flags 'Too High' Inflation

Economy Jul 28, 2022 02:09PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. Treasury Secretary Janet Yellen on Thursday said the U.S. economy was "resilient," but flagged challenges ahead including "too high" inflation.

Data on Thursday showed the U.S. economy slipped into a technical recession after reporting a second-straight quarter of declining economic growth.

Yellen said, however, it was important to "look beyond the headline number," and noted that the usual signs that point to an economic recession weren't yet prevalent.

The data haven't flagged the typical kinds of distress associated with a recession, said Yellen, highlighting the "exceptionally strong" labor market, strong consumer household balance sheets and credit quality and lack of sharp increases in business bankruptcies.

The Treasury Secretary said while the economy is slowing, it is transitioning to more "steady, sustainable growth," amid a continued expansion in consumer spending, services activity and a "notable strength in net exports."

Yellen acknowledged numerous risks to the economy on the horizon including the red-hot pace of inflation, the outcome of the war in Ukraine, COVID lockdowns in China and pandemic-related supply chain snarls.

The Federal Reserve, however, is taking the "right measures" to tackle inflation, driven by a tight labor market, supply-chain issues, and rising food and energy.

The Fed raised rates by 75 basis points on Wednesday in an effort to further dent aggregate demand that the central bank hopes will bring inflation down.

Yellen Says Economy 'Resilient,' but Flags 'Too High' Inflation
 

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Comments (27)
Megat Anwar
Megat Anwar Jul 28, 2022 4:38PM ET
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evil witch talking about her funeral
John Laurens
John Laurens Jul 28, 2022 4:34PM ET
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her and biden wear the same size diapers
one indan Pal
one indan Pal Jul 28, 2022 4:30PM ET
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one indan Pal
one indan Pal Jul 28, 2022 4:29PM ET
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James Johannsen
James Johannsen Jul 28, 2022 3:59PM ET
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lies on top of lies
Steffen vdm
Steffen vdm Jul 28, 2022 3:49PM ET
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These days I need to be very selective what to spend my money on, but I am certainly not buying this c**p
Steffen vdm
Steffen vdm Jul 28, 2022 3:42PM ET
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The markets are falling (again) for the words of pathological liars.
Jim Martin
Jim Martin Jul 28, 2022 3:33PM ET
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She must not get out very often. Pain is felt everywhere. Beyond political rhetoric.
gam man
gam man Jul 28, 2022 3:33PM ET
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she's worth 20 million..so she feels no pain...
Ryan Burkett
Ryan Burkett Jul 28, 2022 3:31PM ET
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Just as inept as our current admin .
Jim Morrison
Jim Morrison Jul 28, 2022 3:24PM ET
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must be nice to fail upwards
 
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