Treasury Secretary Janet Yellen Says She Does 'Not See the Basis' for a Recession, Expects Fed to Hit 2% Inflation Target

Treasury Secretary Janet Yellen told Yahoo Finance that she does "not see the basis" for a US recession, and expects the Federal Reserve will hit its 2% inflation target next year, which is faster than the Fed's projections. Yellen expects inflation to cool further due to stabilizing rental prices and reducing housing cost increases. She is also confident that shelter costs, which have been running hot, will reduce as more renters renew contracts. Yellen announced $100 million over 3 years via a new fund to support affordable housing financing to help address high housing costs. However, she said there is no "silver bullet" to the housing affordability.