US Treasury downplays recession fears, expects economy to grow
US Treasury Secretary Janet Yellen insists the country’s banking system remains resilient despite the dramatic collapse of Silicon Valley Bank and Signature Bank last month. – EPA pic, April 8, 2023.
UNITED States Treasury Secretary Janet Yellen expects the world’s biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector. The dramatic collapse of Silicon Valley Bank and Signature Bank last month had rattled the industry, prompting US authorities including the Treasury Department and Federal Reserve to step in to prevent contagion.
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