Treasury Secretary Janet Yellen signaled optimism for cooling inflation in 2023, and said a recession wont be necessary to rein in prices.
“I believe by the end of next year you will see much lower inflation, if theres not an unanticipated shock,” Yellen said in an interview Sunday with CBSs “60 Minutes.”
Yellen cited falling gas prices and shipping costs in the interview, which came on the heels of a promising Producer Price Index report Friday.
Nevertheless, the Federal Reserve is expected to raise interest rates this week for the seventh consecutive, the the pace of increases could slow.
“Theres a risk of a recession,” said Yellen, formerly chair of the Federal Reserve. “But it certainly isnt, in my view, something that is necessary to bring inflation down.”
