U.S. Treasury Secretary Janet Yellen said on Monday that she doesn’t see any indicators of an financial downturn in the US. She emphasised that the labor market stays sturdy and inflation is lowering. Nevertheless, she warned that if Congress fails to cross laws to maintain the federal government operating, it might probably gradual the momentum within the financial system. Yellen harassed the significance of avoiding a authorities shutdown and the related dangers throughout this era.

Yellen additionally commented on the latest strike by the United Auto Employees towards the Detroit Three U.S. automakers. She said that it’s too early to find out the impression of the strike, because it depends upon its period and who’s affected. She highlighted President Joe Biden’s dedication to collective bargaining and guaranteeing that staff within the trade are additionally benefiting from its success.

Relating to the labor market, Yellen talked about that though it stays sturdy, it’s cooling down and never as sturdy as earlier than. That is in keeping with the target of decreasing inflation to 2%. Yellen acknowledged that the Federal Reserve’s choice to lift rates of interest has began to impression the housing market, however shopper spending stays strong.

Yellen additionally addressed the problem of rising gasoline costs and reassured that the Biden administration is carefully monitoring the state of affairs. She said that Biden is dedicated to making sure that gasoline costs stay inexpensive for Individuals.

In abstract, Yellen sees no indicators of an financial downturn however warns in regards to the potential slowdown if Congress doesn’t cross laws to maintain the federal government operating. She emphasised the significance of avoiding a authorities shutdown. Yellen additionally mentioned the impression of the UAW strike, the cooling labor market, the affect of rate of interest hikes on the housing market, and the concentrate on inexpensive gasoline costs.