Treasury Secretary Yellen Downplays Potential for US Recession

U.S. Treasury Secretary Janet Yellen testifies before a House Ways and Means Committee hearing on President Biden's proposed 2023 U.S. budget, on Capitol Hill in Washington, U.S., June 8, 2022. Jonathan Ernst/Reuters

Treasury Secretary Janet Yellen on July 24 again downplayed concerns about a possible recession while conceding that an economic slowdown is occurring.

Yellen told NBC News the U.S. economy is in “a period of transition in which growth is slowing,” which is “necessary and appropriate.”