Predicting a so-called soft landing for the U.S. economy, Treasury Secretary Janet Yellen said she saw a path forward in which the country avoids a recession, even as inflation comes down significantly
The strength in hiring, which occurred despite layoffs in the technology sector, reduced market expectations that the U.S. Federal Reserve was close to pausing its monetary policy tightening cycle.
Yellen told ABC that reducing inflation remained Biden's top priority, but the U.S. economy was proving "strong and resilient." Yellen called on Congress to raise the U.S. debt limit, warning that failure to do so would produce "an economic and financial catastrophe."
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