Janet Yellen said overall consumer spending in the United States remains strong, while noting that spending patterns are changing, given the impact of rising food and energy prices.
REHOBOTH BEACH, Del. — Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
Yellen said overall consumer spending in the United States remains strong, while noting that spending patterns are changing, given the impact of rising food and energy prices. Yellen said household savings during the coronavirus pandemic will help sustain spending. Yellen echoed Biden’s optimism in the face of economic headwinds. Biden in an interview with The Associated Press last week insisted that a recession is “not inevitable” and made the case that U.S. is “in a stronger position than any nation in the world to overcome this inflation.”
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