US Treas Sec Yellen says economy shows no signs of recession

US Treasury Secretary Yellen spoke over the weekend on NBC’s “Meet the Press”:

• “This is not an economy that is in recession”
• “You don’t see any of the signs. Now, a recession is a broad-based contraction that affects many sectors of the economy. We just don’t have that”

Yellen did acknowledge the impacts of high inflation numbers but was upbeat on falls ahead:

• “We’ve cut the deficit by a record one and a half trillion dollars this year … We’ve seen gas prices just in recent weeks come down by about 50 cents and there should be more in the pipeline. And hopefully we will pass a bill that will lower prescription drug costs and maintain current levels of health care costs.”