- The US will avoid a recession but the economy will slow,
Treasury SecretaryJanet Yellen said. - She remained optimistic on consumer spending, a strong labor market, and investment.
Treasury Secretary Janet Yellen doesn't think the US economy will fall into a recession but warned
She also said at a New York Times DealBook event Thursday that economic growth will cool off as the Federal Reserve tightens monetary policy.
"I don't think we're [going to] have a recession. Consumer spending is very strong. Investment spending is solid," Yellen said on Thursday.
Yellen's comments preceded another climb in
A key factor in inflation has been rising fuel costs, and the average gallon of gas in the US has climbed to a record high of $5, according to GasBuddy. Meanwhile, AAA data shows the national average on Friday is $4.986, but is expected to follow GasBuddy data and tick above the $5 mark soon too.
Yellen said President
But she acknowledged that prices probably won't fall in the near term and that Americans are worried about the costs of filling up their cars.
"It's unlikely that gas prices are going to fall anytime soon," Yellen said.