US economy will slow but recession not inevitable, says Janet Yellen

Treasury Secretary Janet Yellen said Sunday that she expects the US economy to slow in the months ahead, but that a recession is not inevitable. Yellen offered a dose of optimism even as economists grow increasingly worried about a recession fuelled by skyrocketing inflation and the Russian invasion of Ukraine. She also expressed an openness, during an interview on ABC's This Week, to a federal gas tax holiday to help give motorists some relief at the pump. Several lawmakers have floated the idea as the average price of gasoline hovers around $5 per gallon; the tax is 18.4 cents per gallon. That's an idea that's certainly worth considering, Yellen said when asked if the administration is weighing it. She added that President Joe Biden wants to do anything he possibly can to help consumers. And Energy Secretary Jennifer Granholm said it's one of the tools, but told CNN's State of the Union that part of the challenge with the gas tax, of course, is that it funds the roads. Yellen sa

US economy will slow but recession not inevitable, says Janet Yellen
Treasury Secretary Janet Yellen said Sunday that she expects the US economy to slow in the months ahead, but that a recession is not inevitable. Yellen offered a dose of optimism even as economists grow increasingly worried about a recession fuelled by skyrocketing inflation and the Russian invasion of Ukraine. She also expressed an openness, during an interview on ABC's This Week, to a federal gas tax holiday to help give motorists some relief at the pump. Several lawmakers have floated the idea as the average price of gasoline hovers around $5 per gallon; the tax is 18.4 cents per gallon. That's an idea that's certainly worth considering, Yellen said when asked if the administration is weighing it. She added that President Joe Biden wants to do anything he possibly can to help consumers. And Energy Secretary Jennifer Granholm said it's one of the tools, but told CNN's State of the Union that part of the challenge with the gas tax, of course, is that it funds the roads. Yellen sa