Yellen Warns of Government Shutdown Consequences, No Signs of Economic Downturn

Treasury Secretary Janet Yellen stated that she sees no signs of an economic downturn in the U.S. but warned that a government shutdown could undermine economic momentum. Yellen also mentioned that the impact of the UAW strike against the Big Three automakers is uncertain and will depend on its duration and affected parties. She expressed support for the collective bargaining process and emphasized the need for workers to benefit from the auto industry's success. President Biden dispatched officials to support negotiations between the UAW and automakers.