Biden team pushes back on recession fears
Senior Biden administration officials on Sunday pushed back on some economists’ projections of an impending recession, arguing that it is possible to curb inflation without causing a major economic slowdown.
“It’s President Biden’s top priority to bring it down, and Chair Powell has said that his goal is to bring inflation down while maintaining a strong labor market,” Treasury Secretary Janet Yellen said on Sunday. “That’s going to take skill and luck, but I believe it’s possible. I don’t think a recession is inevitable.”