Gas Prices Unlikely to Fall Soon, but ‘Nothing’ Suggests Oncoming Recession: Yellen

Janet Yellen speaks onstage at The New York Times DealBook/DC policy forum in Washington, on June 9, 2022. Leigh Vogel/Getty Images for The New York Times

U.S. Treasury Secretary Janet Yellen said Thursday that gas prices, which just reached $5 a gallon in some U.S. states, were unlikely to fall soon.

Yellen also said she expected the U.S. economy to “absolutely” slow down amid the Federal Reserve’s rising interest rates, but that there’s “nothing” to suggest the country would face a recession.