Secretary of the Treasury says US recession is unlikely

(File) US Treasury Secretary Janet Yellen – AFP / Archives

A U.S. recession is not possible, but there is a risk, Treasury Secretary Janet Yellen said Thursday.

Joe Biden’s head of finance and economics said at an event hosted by The New York Times that “there is a risk of a recession” due to growing fears about the monetary policy measures needed to control inflation.

“Is that possible?” When asked, Yellen replied, “I don’t think so.” Fears are mounting as the world’s largest economy plunges into recession as the Federal Reserve tightens monetary conditions to control demand and reduce inflation.

Assessing that “nothing indicates that the recession is approaching”, Janet Yellen believes that a “soft landing” is possible, which means that inflation can be reduced without pushing the economy into recession or reducing the burden on employment.

The American rapper was asked by the Treasury Secretary about Cardi B, who asked on Twitter last Sunday when the recession would be announced. “I do not have much time for her, but I know her,” he replied.

Inflation figures for May will be released this Friday and should be even higher, however it may show that its decline continues.