US Treasury Secretary Janet Yellen mentioned on Monday that she sees no indicators of an financial downturn in the United States. She pointed out that the labor market place is nevertheless sturdy, and inflation is decreasing. But she warned that it could potentially slow the economy’s momentum if Congress does not pass legislation to maintain the government operating. Yellen stressed the significance of avoiding a government shutdown and the connected dangers through this period.
Yellen also commented on the current strike by the United Auto Workers against the Detroit 3 American automakers. She stated that it is as well early to identify the effect of the strike, as it depends on its duration and who is impacted. She highlighted President Joe Biden’s commitment to collective bargaining and making certain that workers in the market also advantage from its accomplishment.
Concerning the labor market place, Jelen noted that, even though it remains sturdy, it is cooling down and not as sturdy as prior to. This is in line with the target of lowering inflation to two%. Yellen acknowledged that the Federal Reserve’s choice to raise interest prices has begun to impact the housing market place, but customer spending remains sturdy.
Jelen also referred to the problem of increasing gasoline rates and assured that the Biden administration is closely monitoring the predicament. She stated that Biden is committed to maintaining gas rates very affordable for Americans.
In brief, Yellen sees no indicators of an financial downturn, but warns of a prospective slowdown if Congress does not pass legislation to maintain the government operating. She stressed the significance of avoiding a government shutdown. Yellen also discussed the effect of the UAV strike, the cooling labor market place, the effect of increasing interest prices on the housing market place and the concentrate on very affordable gas rates.