'I don't expect a recession': Yellen says U.S. economy on 'good path'

— Treasury Secretary Janet Yellen Treasury Secretary Janet Yellen on Monday sounded an optimistic note on the prospect of avoiding a recession, citing the strength of the U.S. labor market and “encouraging” inflation data.

“I don’t expect a recession,” the treasury chief said in a Bloomberg Television interview, speaking from India on the sidelines of a Group of 20 finance officials’ meeting. “I think that we’re on a good path to bringing inflation down,” said Yellen. “The most recent inflation data were quite encouraging.” She added, “I think we’re on a good path in the United States.”Last week, government data showed that U.S. consumer prices rose just 0.2% in June, and the rate of inflation slowed to the lowest level since 2021. Wholesale prices have dropped even further, with the producer-price index essentially flat over the past year.

Fears of a U.S. recession eased after the release of the June consumer-price data. Economists saw a greater chance the Federal Reserve might not have to “slam on the brakes” to get price pressure under control.Yellen spoke after weaker-than-expected data from China, and noted that slow growth there can have some “negative spillovers” for the U.S.

U.S. stocks DJIA, +0.17% SPX, +0.16% COMP, +0.43% were making modest gains Monday after the news on China’s economy damped risk appetite across global markets.

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