Janet Yellen reported that the country’s economy is not in recession, employment and consumer spending have increased and businesses are growing.

Yellen told the press conference that the US economy remained resilient in the face of difficulties, and the economy transitioned to a more stable and sustainable growth.

Stating that the economy has remained resilient in the face of numerous shocks in the last 2 years, Yellen pointed out that there are many risks on the horizon, most of them global.

Yellen said that Americans are currently under great stress due to high inflation, adding that there are indications that inflation will decrease in the coming days.

Pointing out that the US Federal Reserve (Fed) has taken the necessary steps to reduce inflation, Yellen emphasized that it is the way to reduce inflation while protecting the labor market.

Yellen pointed out that the labor market is extremely tight, which may be the cause of some inflationary pressures, and pointed out that a semantic discussion of how to define a recession should be avoided.

“We’re seeing a significant slowdown in growth.” Yellen added that a slowdown should be seen in the economy in order to reduce inflation.