U.S. Treasury Secretary Janet Yellen stated on Monday that she does not see any indicators of an financial downturn in the United States. She emphasized that the labor market place remains powerful and inflation is decreasing. Having said that, she warned that if Congress fails to pass legislation to retain the government operating, it could potentially slow the momentum in the economy. 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 U.S. automakers. She stated that it is also early to figure out the influence 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 business are also benefiting from its results.

Relating to the labor market place, Yellen pointed out that despite the fact that it remains powerful, it is cooling down and not as powerful as ahead of. This is in line with the objective of lowering inflation to two%. Yellen acknowledged that the Federal Reserve’s selection to raise interest prices has began to influence the housing market place, but customer spending remains robust.

Yellen also addressed the situation of increasing gasoline rates and reassured that the Biden administration is closely monitoring the circumstance. She stated that Biden is committed to making certain that gasoline rates stay very affordable for Americans.

In summary, Yellen sees no indicators of an financial downturn but warns about the possible slowdown if Congress does not pass legislation to retain the government operating. She emphasized the significance of avoiding a government shutdown. Yellen also discussed the influence of the UAW strike, the cooling labor market place, the influence of interest price hikes on the housing market place, and the concentrate on very affordable gasoline rates.