Janet Yellen: Recession Risk Still Looms

Treasury Secretary Janet Yellen stated that while a recession is still a possibility, the United States appears to be on the right track to combat inflation. Yellen's comments came after the June jobs report, which showed weaker job growth compared to previous months. She attributed the slowdown to the labor market's expansion and expects job gains to stabilize at a more normal level. Yellen credited President Biden's economic policies and successful vaccination efforts for the rapid rebound of the US economy, but noted that growth has now slowed to more sustainable levels.