Yellen: ‘I See a Lot of Strength in the American Economy’

Treasury Secretary Janet Yellen on Friday touted the “strength” of the American economy.

In an interview with CNBC’s “Squawk Box,” Yellen said she did not see any sign of weaknesses in the U.S. economy. She pointed to the “immensely strong job market” and “strong” consumer spending.

Host Becky Quick asked, “Is there any sign of weakness anywhere in this economy?”

“I honestly don’t see it,” Yellen replied. “You know, we have an immensely strong job market. Growth over the last year has been extraordinary. Job creation remains very high. When you look at the balance sheet of the typical American family, it is in very good shape. Consumer spending is strong. And tax revenues have, frankly, been surprising to the upside, you know, helping us in our plan to reduce deficits. We’ll be reducing the budget shortly. So, I see a lot of strength in the American economy. Inflation is high, and, you know, the Fed certainly has a role to play there.”

“We’ve got a good, strong U.S. economy,” she added. “We’re a net exporter of oil. Oil prices obviously impose significant burdens on American families, but it’s also likely to unbalance the offset and the impact of spending by faster drilling … expenditures.”

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