US Treasury Secretary: Recession in the United States Single

US Treasury Secretary: Recession in the United States Single

ILUSTRASI. US Federal Reserve Chair Janet Yellen speaks with the Senate Banking Committee on Capitol Hill in Washington, DC, on June 7, 2022. According to him, the situation in the United States is not in jeopardy. Evelyn Hockstein/Reuters US Treasury Secretary Janet Yellen said Sunday that just days after the Fed raised interest rates, raising fears of an economic contraction. "I believe the economy will improve as a result of the transition to a more stable growth rate," said a guest on ABC's This Week, as reported by Channel News Asia. But, "I don't think the same thing will happen again." The economy of the United States has suffered as a result of the Covid-19 pandemonium. However, the outbreak of influenza and the spread of rabies in Ukraine have increased pessimism. Stocks on Wall Street fell after the American Savings Bank announced a 75 basis point increase on Wednesday (15/6), the largest increase in more than 30 years. And, economists are seeing signs that consumer trust is growing, with people extending their vacations, eating out at restaurants, and renovating their homes. Yellen stated that "there is a lot of inflation," with much of it being caused by the perilous situation in Ukraine, which has in higher energy and food prices. However, she does not understand that "consumer price increases are a possible cause of recession." According to Yellen, the US labor market "may be impacted by the war period." And, she believes, the onset of inflation will subside within a few months. Yellen also stated that, as Chairman of the Federal Reserve, Jerome Powell will be working to combat inflation while also monitoring labor market conditions, and that "it will necessitate patience and reward." Gas prices, which have dropped to around US$ 5 per gallon in the last few years, have been a source of concern for many Americans. In response to a question about the proposed temporary suspension of the federal gas tax, Yellen stated that Vice President Joe Biden "wants to do whatever he can to help consumers, and that is an idea that must be expanded." Check out Google News for more information and articles.