She also discussed Sunday an openness to lowering the federal gas tax to give drivers some relief at the pump.
There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.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.
"That’s an idea that’s certainly worth considering," Yellen said when asked if the administration is weighing it. She added that President Joe Biden wants "to do anything he possibly can to help consumers." And Energy Secretary Jennifer Granholm said "it's one of the tools," but told CNN's "State of the Union" that "part of the challenge with the gas tax, of course, is that it funds the roads.
The national saving rate has fallen to about 6%, below pre-pandemic levels, after reaching 16.6% in 2020, the highest on record dating to 1948, and 12.7% in 2021. Disagreeing with the assessment from Biden and Yellen, former Treasury Secretary Larry Summers told NBC's "Meet the Press" that in his estimation, "the dominant probability would be that by the end of next year we would be seeing a recession in the American economy."
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Near-record cold is expected Sunday morning in PhillyAfternoon temperatures Saturday were a good 20 to 25 degrees lower than they were on Friday, and 10 degrees or so below normal. And early on Sunday, the official reading might make a run at the record for the date, 53, set in 1946.
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Watch SpaceX launch 3rd rocket in 36 hours early SundayLiftoff is scheduled for Sunday at 12:27 a.m. EDT (0427 GMT).
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Seasonal Sunday with a chance for rainFathers Day and Juneteenth will be dry with a mix of sun and clouds, a northeast breeze and showers inland.
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St. Stephen's Church returns on Sunday after shooting with message of loveSt. Stephen's Episcopal Church returned to regular services on Sunday morning with a message of unconditional love.
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Chance of showers Sunday afternoon, triple digits return MondayIt's going to be another hot one for us Sunday with a chance of showers and storms. Rain chances are around 20%. It will be much hotter next week.
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