While the former Fed chair doesn't see a recession on the horizon, she also noted that the risks are piling up.
Former Fed Chair Janet Yellen said the U.S. economy is in "excellent" shape but facing several risks.In a downturn, the Fed would have little room to move, due to low rates, she added.Janet YellenNEW YORK — Pronounced wealth inequality that has built up for decades poses a major threat to a U.S. economy that is in otherwise "excellent" shape, former Federal Reserve Chair Janet Yellen said Thursday.
One particular area she cited was inequality, specifically the extent to which benefits during the longest expansion in U.S. history have flowed mostly to top earners and those with post-high school education levels. "It's a serious economic problem and social problem because it means the gains of our economic system are not being widely shared," she added. "It leaves people ultimately with the feeling that the economy is not working for them, a sense of social discontent that is extremely disruptive.
Yellen also acknowledged the burden that some of the Fed's own policies, such as historically low interest rates, put on Americans.
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