Yellen sees low chance of recession in U.S. this year
WASHINGTON (MarketWatch) - Federal Reserve Chairwoman Janet Yellen said Tuesday that the chances of a recession in the U.S. this year "are quite low." In testimony to the Senate Banking Committee, Yellen said the U.S. economy is "doing well" even with the recent slowdown in the labor market. The overall economy has been progressing despite "negative influences" from the strong dollar and weak commodity prices. Consumer spending has been "strong," she added. "I think the odds of a recession are low. It is certainly not what I am expect," she said.
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