Yellen's Optimistic View on the U.S. Economy's Soft Landing
Yellen's Confidence in U.S. Economic Recovery
Treasury Secretary Janet Yellen stated on Thursday that the U.S. economy is indeed encountering the soft landing she forecasted two years prior amid rising inflation post-pandemic.
In a live interview at The Atlantic Festival 2024 with journalist Ron Brownstein, she reflected on initial concerns about the economy and the Biden administration's economic management.
Current Economic Indicators
Highlighting the state of the economy, Yellen pointed to an unemployment rate of 4.2% and an inflation rate below 3%. The Federal Reserve recently cut interest rates by 50 basis points, marking a shift after a prolonged period of combating inflation that peaked at 9.1% in mid-2022.
Future Economic Outlook
While Yellen acknowledged risks persistent in the economy, she expressed optimism about the healthy labor market, stating:
- Wages growing at a sustainable pace.
- Continued positive job growth.
- The potential for maintaining current economic momentum.
Yellen concluded by affirming her belief in the economy's path towards stability, indicating it could lead to excellent outcomes for workers and the broader economic landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.