The US Treasury Secretary warns the US government not to shut down: it may lead to a slowdown in economic momentum
US Treasury Secretary Yellen
On September 19th, according to Reuters on the 18th, US Treasury Secretary Yellen warned that if Congress fails to pass legislation to maintain the operation of the federal government, it may lead to a slowdown in the US economic momentum.
Yellen told American Consumer News and Business Channel that there is absolutely no reason for the federal government to shut down, and institutional closures could lead to a loss of economic growth momentum. Yellen reiterated the White House's commitment to collective bargaining in response to the strike by workers from the three major car companies that began on the 15th of this month. She said that the labor market is cooling down, "not as hot as before," and considering the goal of reducing inflation to 2%, this cooling process will be important.
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Yellen said that the Federal Reserve's interest rate hikes have begun to affect the real estate market. Meanwhile, with the recent surge in gasoline prices, the government has seen American consumers feel the burden of rising prices.
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