04/25/2024

Yellen Says U.S. Economy Not Likely Weakening

She noted that all options open on China's overcapacity

U.S. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected data on first-quarter output and said the Biden administration was keeping all options open to respond to threats from China's excess industrial capacity.

In a wide-ranging Reuters Next interview, Yellen also said that a U.S. proposal for using the interest earnings from $300 billion in frozen Russian assets to aid Ukraine could win broad support from G7 allies.

Yellen said U.S. GDP growth for the first quarter could be revised higher after more data is in-hand and inflation will ease to more normal levels after a clutch of "peculiar" factors held the economy to its weakest showing in nearly two years.

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