Per Fortune
Treasury Secretary Janet Yellen says she doesn't expect a US recession
7/17/2023
Treasury Secretary Janet Yellen recently commented on the state of the US economy, saying that she doesn't expect the country to go into a recession. This comes in a statement she gave during her interview with Bloomberg Television.
Yellen: “Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia — and slow growth in China can have some negative spillovers for the United States... (in the US) growth has slowed, but our labor market continues to be quite strong — I don’t expect a recession,”
She also maintains that the economy was still on a "good path" with regards to dropping inflation without the labor market being majorly affected. This came shortly after consumer prices saw positive results and excluding energy and food, it rose by 0.2% in June compared to a month before.
HSBC Asset Management has recently warned regarding a potential US recession this year during the fourth quarter. It also said that there could be a Europe recession in 2024.
In September 2022, the Bank of Montreal also said that the likelihood of a recession in 2024 was at 99.9%. This came from the bank's Earl Davis, who said that according to the playbook, it suggested that a recession could be coming next.
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Other News:
- HSBC Asset Management warns of potential US recession in 2023 and Europe recession in 2024
- Bank of Montreal Says 'Likelihood of a Recession is 99.9%' in 2024
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