Yellen: US taking steps to reduce risks to global economy

In remarks prepared for a news conference, U.S. Treasury Secretary Janet Yellen highlighted the stronger-than-expected U.S. economic growth that has powered the global economy. She mentioned that the U.S. labor market is healthy and inflation has decreased significantly from its peak, but added that there is still more work to be done to ensure sustainable long-term growth.

Yellen expressed optimism that the U.S. economy will continue to support global growth, but also acknowledged that the global recovery has been uneven and risks remain. She emphasized President Joe Biden’s commitment to engaging with the rest of the world to mitigate short-term risks and promote sustainable long-term growth, signaling an end to American isolationism.

Yellen stated that ongoing efforts to mitigate risks and support global economic growth will be a key focus at the upcoming spring meetings of the International Monetary Fund and World Bank. She mentioned that she will be meeting with officials from various countries, including China, South Korea, Japan, and Britain, to further discuss these issues.