US Treasury Secretary Janet Yellen Says the Economy is “Performing Very Well”

Joshua Ramos
Source: UPI

Speaking today, US Treasury Secretary Janet Yellen says the economy is “performing very well.” Moreover, the US official was speaking at a banking conference taking place today amidst newfound panic in the financial sector following some of the largest banking failures since 2008.

Ultimately, Yellen pointed to the unemployment rate of the nation and its economic response to the downturn as evidence for her claims. Conversely, the current state of banks has left many within the industry in a panic over what could occur in the coming months.

Yellen Praises US Economy

The year 2022 saw the US Federal Reserve set out on a year-long interest rate hike to combat growing inflation. Moreover, it was an effort made to protect the nation’s economy from a recessionary state. Now, a potential bank run is upon us, as the failure of Silicon Valley Bank signified one of the largest banking closures since the 2008 financial crisis.

Yet, speaking at a banking conference today, US Treasury Secretary Janet Yellen has stated that the US economy is “performing very well.” Specifically, Yellen spoke on the unemployment figures within the country as a key reason for her statements.

Source: Forbes

“We’ve had the fastest recovery from the downturn we’ve ever seen, and the fastest recovery of any nation around the globe,” Yellen stated. “The unemployment rate is near a 50-year low, the economy is doing well.”

Although the unemployment figures have been a common point of emphasis for the Biden administration, they certainly feel overspoken of currently. As the banking sector continues its worrisome recovery, and inflationary pressures mount, Yellen may not be able to issue similar sentiments in the coming months.