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Lawmakers Celebrate Congress Passing CHIPS Act

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Yellen Says Economy is in a ‘New Phase’

Treasury Secretary Janet Yellen said the U.S. economy has entered a “new phase” amid concerns that we have entered a recession.

During a press conference Thursday, Yellen echoed Biden’s statements that the U.S. has entered a new phase in its economic recovery focused on achieving “steady sustainable growth” without sacrificing the gains of the last 18 months.

She said growth is slowing globally, inflation remains unexpectedly high, and it “remains this administration’s top priority to bring it down.”

“We are in an important moment for our economy that presents an opportunity for us all to take stock,” she said during a press conference Thursday.

After the pandemic, Yellen said the U.S. experienced a “historic” economic recovery driven by the Biden administration’s policies, including the American Rescue Plan and the…

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