US recession not expected but Europe ‘more vulnerable’: Janet Yellen

The United States is unlikely to fall into a recession as interest rates rise quickly to fight inflation, the US treasury secretary said Wednesday, but warned against the economic risks for Europe from the war in Ukraine.

“I really don’t expect the United States to fall into a recession,” Janet Yellen said at a press conference ahead of a meeting of G7 finance ministers in Germany. Europe was “more vulnerable and of course more exposed on the energy front” as prices rise following the Russian invasion of Ukraine, she said.

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