Despite stubbornly high inflation and rising interest rates, the economy may avoid a recession this year, according to Treasury Secretary Janet Yellen.
Treasury Secretary Janet Yellen speaks during a news conference at the 2022 annual meeting of the International Monetary Fund and the World Bank Group, Oct. 14, 2022, in Washington.
The surprisingly strong hiring data, which occurred despite a slew of layoffs in the tech sector, dashed investor hopes that the Federal Reserve will soon pause its aggressive rate-hike campaign as it tries to cool inflation and the labor market. , she argued that the recent data proved the economy is still healthy. Inflation hit a high of 9.1% in June and has been falling for the past six months. Still, at 6.
"While sometimes we've gone up to the wire, it's something that Congress has always recognized as their responsibility and needs to do again," she said. The Treasury Department began deploying so-called "extraordinary measures" last month to ensure the U.S. government can continue to pay its bills, giving Congress until at least early June to raise the country's current $31.4 trillion borrowing limit., which is the legal limit on the total amount of debt that the federal government can borrow on behalf of the public, including Social Security and Medicare benefits, military salaries and tax refunds.
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