Yellen says no sign of economic downturn, warns of govt shutdown fallout

"I don’t see any signs that the economy is at risk of a downturn," Yellen said in an appearance on CNBC.

With Congress and President Biden facing a Sept. 30 deadline to fund the government and avoid a partial shutdown, Yellen said,"There’s absolutely no reason for a shutdown," and added that"creating… a situation that could cause a loss of momentum is something we don’t need as a risk at this point." She added that the repercussions will depend on the duration of the strike and who is affected by the shutdowns.

Although the strike entered its fourth day on Monday, several facilities around the country have been forced to pause operations due to parts shortages, which has also led to temporary layoffs due to the lack of work.

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