Audio Sources - Full Text Articles

U.S. inflation will be much lower by end of 2023, Yellen says


U.S. Treasury Secretary Janet Yellen presides over the unveiling of the first U.S. banknotes printed with two women’s signatures at an event in Fort Worth, Texas, U.S., December 8, 2022. REUTERS/Shelby Tauber

There will be a substantial reduction in U.S. inflation in 2023, U.S. Treasury Secretary Janet Yellen told CBS’ ’60 Minutes’ in an interview released on Sunday.

“I believe by the end of next year you will see much lower inflation if there’s not– an unanticipated shock,” she said.

Asked about the likelihood of recession, she said:

“There’s a risk of a recession. But– it certainly isn’t, in my view, something that is necessary to bring inflation down.”