U.S. economy slowing, but recession not inevitable, Yellen says

Yellen said inflation "is way too high" and recent Federal Reserve interest rates hikes were helping to bring soaring prices back in check. Yellen, who previously served as chair of the Federal Reserve, hopes the Fed can cool the economy enough to bring down prices without triggering a broad economic downturn. Yellen said that even if the second-quarter figure is negative, it would not signal that a recession has taken hold, given the strength in the job market and strong demand.