White House Spokesperson Karine Jean-Pierre stated that they do not see the danger of recession in the country’s economy and that they are in the process of transition towards a more stable economy.
Speaking at his daily press conference, Jean-Pierre commented on President Joe Biden’s comments last week that a recession was “inevitable”. Pointing out that economies all over the world are currently struggling with difficulties, Jean-Pierre said that they have made great progress in the economy with the steps taken by the Biden administration.
Jean-Pierre said, “We do not see a recession right now. We are not in a recession right now. We are currently in the process of transitioning to a period of more stable growth. This is our focus,” he said.
Recession concerns in the US
James Bullard, President of the St. Louis Branch of the US Federal Reserve (Fed), said yesterday that if the macroeconomic data are in line with their expectations, they will support a strong interest rate hike in July and that they think they can pull inflation down without putting the US economy into recession.
US Treasury Secretary Janet Yellen also said in an interview over the weekend that she expected the economy to slow down but did not think a recession was inevitable.