Yellen: US Economy Strong, Urges Avoiding Government Shutdown

US Treasury Secretary Janet Yellen stated that she sees no signs of an economic downturn in the US, highlighting a strong labor market and decreasing inflation. However, she warned that a government shutdown could slow down the economy's momentum and emphasized the need to avoid such a situation. Yellen also mentioned that the impact of the United Auto Workers' strike on the Detroit Three automakers is uncertain and depends on its duration and affected parties. She acknowledged that the labor market is cooling but still strong, and emphasized the importance of lowering inflation. Yellen noted that the Federal Reserve's interest rate hikes have started affecting the housing market, but consumer spending remains robust. The Biden administration is closely monitoring gasoline prices to ensure affordability for Americans.