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Yellen Says China Slowdown Risks Spillovers But No US Recession
Posted
July 17, 2023
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0:54Now PlayingTreasury Secretary Janet Yellen said China’s economic slowdown risks causing ripple effects across the global economy, though she doesn’t expect a recession in the US.
“Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia — and slow growth in China can have some negative spillovers for the United States,” Yellen said in a Bloomberg Television interview Monday hours after a raft of Chinese economic data came in weaker than expected.
In the US, “growth has slowed, but our labor market continues to be quite strong — I don’t expect a recession,” Yellen said. The economy is on a “good path” to bring inflation down without a major weakening in the labor market, she said.
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