{"id":1522906,"date":"2022-06-19T10:49:04","date_gmt":"2022-06-19T14:49:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1522906"},"modified":"2022-06-19T10:49:07","modified_gmt":"2022-06-19T14:49:07","slug":"yellen-recession-not-inevitable-russias-war-to-blame-for-soaring-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-recession-not-inevitable-russias-war-to-blame-for-soaring-inflation\/","title":{"rendered":"Yellen: Recession Not \u2018Inevitable\u2019; Russia\u2019s War To Blame For Soaring Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-recession-not-inevitable-russias-war-to-blame-for-soaring-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1522906&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary <a href=\"https:\/\/www.dailywire.com\/topic\/janet-yellen\">Janet Yellen<\/a> on Sunday blamed global factors for Americans\u2019 spiraling purchasing power and declared a <a href=\"https:\/\/www.dailywire.com\/topic\/recession\">recession<\/a> is \u201cnot at all inevitable,\u201d despite a growing consensus the U.S. could soon find out one is already underway.<\/p>\n<p>Appearing on ABC\u2019s \u201cThis Week with George Stephanopoulos,\u201d the former Federal Reserve chair acknowledged inflation is at \u201cunacceptably high levels\u201d but said a recession might not be around the corner.<\/p>\n<p>\u201cI expect the economy to slow,\u201d Yellen said. \u201cIt\u2019s been growing at a very rapid rate, as the economy, as the labor market, has recovered. We have reached full employment. It\u2019s natural now that we expect a transition to steady and stable growth, but I don\u2019t think a recession is at all inevitable.\u201d<\/p>\n<p>A recession is defined as two consecutive quarters of negative economic growth. Because the U.S. gross domestic product declined at an annualized rate of 1.5% in the first quarter of 2022, whether or not the U.S. is now in a recession will be determined at the end of this month, when the second quarter concludes.<\/p>\n<p lang=\"en\" dir=\"ltr\">Treasury Sec. Janet Yellen tells <a href=\"https:\/\/twitter.com\/GStephanopoulos?ref_src=twsrc%5Etfw\">@GStephanopoulos<\/a> that a recession isn&#8217;t \u201cinevitable,&#8221; but says inflation is &#8220;unacceptably high.&#8221;\u00a0<\/p>\n<p>&#8220;I expect the economy to slow.&#8221; <a href=\"https:\/\/t.co\/xMZVnzRLgN\">https:\/\/t.co\/xMZVnzRLgN<\/a> <a href=\"https:\/\/t.co\/Xx9UpkmWz4\">pic.twitter.com\/Xx9UpkmWz4<\/a><\/p>\n<p>\u2014 This Week (@ThisWeekABC) <a href=\"https:\/\/twitter.com\/ThisWeekABC\/status\/1538515987481481216?ref_src=twsrc%5Etfw\">June 19, 2022<\/a><\/p>\n<p>The hopeful thought that the U.S. might avoid a recession echoed President Joe Biden\u2019s claim in a Thursday interview with The <a href=\"https:\/\/apnews.com\/article\/biden-ap-interview-4d2c2f9015341f280d8078182601ec58\">Associated Press<\/a> that a recession is \u201cnot inevitable.\u201d But top business leaders are increasingly resigned to the possibility the country is already in a recession.<\/p>\n<p>Yellen, like President Biden and current Federal Reserve Chairman Jerome Powell, initially insisted last year that inflation was \u201ctransitory\u201d and would soon slow, blamed it on factors beyond the Biden administration\u2019s control. Specifically, Yellen blamed the war in Ukraine, which has affected global supply chains.<\/p>\n<p>She said Americans have enough savings to keep consumer spending high, which could help stave off a recession. She also expressed support for a gasoline tax \u201choliday,\u201d which would give Americans some relief from ballooning pump prices.<\/p>\n<p>The annual inflation rate in the U.S. jumped to 8.6% in May, the highest monthly increase since December of 1981. Energy prices rose 34.6%, mainly due to a near 50% increase in the cost of gasoline. But food costs also rose 10.1%, the first increase of 10% or more since March 1981, according to <a href=\"https:\/\/tradingeconomics.com\/united-states\/inflation-cpi\">tradingeconomics.com<\/a>. In addition, the U.S. stock market officially entered bear market territory\u00a0this week, according to <a href=\"https:\/\/www.dailywire.com\/news\/bloodbath-on-wall-street-as-stock-market-plunges-into-bear-territory\">The Daily Wire<\/a>, as the decline breached the 20% benchmark.<\/p>\n<p>In a later appearance on <a href=\"https:\/\/youtu.be\/zzL6OFr9lA0?t=43\">CNN<\/a>, Energy Secretary Jennifer Granholm also claimed a \u201crecession is not inevitable.\u201d<\/p>\n<p>Surging inflation occurring in concert with a recession is known as \u201cstagflation\u201d and would be a nightmare for American families, much less the Biden administration. Last week, the Federal Reserve moved aggressively to tame inflation by raising the federal funds interest rate by three-quarters of a point, the highest one-time increase since 1994.<\/p>\n<p>Yellen predicted the rate of inflation would come down over the coming months. If it does, it will defy double-digit increases in the producer price index or wholesale inflation. Typically seen as an indicator of retail price increases, it has risen steadily and at a higher pace than the monthly annualized inflation rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen on Sunday blamed global factors for Americans\u2019 spiraling purchasing power and declared a recession is \u201cnot at all inevitable,\u201d despite a growing consensus the U.S. could soon find out one is already underway. Appearing on ABC\u2019s \u201cThis Week with George Stephanopoulos,\u201d the former Federal Reserve chair acknowledged inflation is at \u201cunacceptably &#8230;<\/p>\n","protected":false},"author":729,"featured_media":1522915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1522906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1522906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/729"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1522906"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1522906\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1522915"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1522906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1522906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1522906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}