Treasury Secretary Janet Yellen said that while global growth will be dented from the increase in energy and commodity costs triggered by Russia’s invasion of Ukraine, she sees the U.S. economy as resilient at this point.
“I honestly don’t see it, we have an immensely strong job market,” Yellen said when asked in a CNBC interview Friday about signs of weakness in the U.S. economy. “When you look at the balance sheet of the typical American family, it is in very good shape. Consumer spending is strong and tax revenues have frankly been surprising to the upside.”
The Treasury chief also said that “I am concerned about spillovers to countries.” The rise in energy prices and other goods, including wheat, she said, is “likely reduce prospects for global growth over the next year.”
Yellen separately said that it would not be “appropriate or necessary” at this point to sanction China over its partnership with Russia.
This article was provided by Bloomberg News.