US sends grim economic warning| MENAFN.COM

Saturday, 13 August 2022 03:20 GMT

US sends grim economic warning


(MENAFN) Higher food and energy costs, according to United States Treasury Secretary Janet Yellen, are having 'stagflationary’ ' impacts, lowering production and expenditure while rising inflation globally.

She told journalists ahead of a G7 finance ministers conference in Bonn, Germany, that she doesn't envision the United States slipping into recession.

“We have inflation obviously, the Fed is tightening monetary policy to address it,” she claiming, noting that “we are in a global environment where there are significant risks and pressures but I really don’t expect the United States to fall into recession."

Yellen also mentioned that “Europe is more vulnerable and of course more exposed on the energy front than the United States is.”

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