Treasury Secretary Janet Yellen: 'I don't think recession is inevitable'

"I don't think a recession is inevitable, but I think inflation is unacceptably high," she said.

As the labor market has recovered and we have reached full employment, it's natural that we will transition to steady and stable growth. During an interview with ABC's "This Week" host George Stephanopoulos, Federal Reserve Chair Janet Yellen said that she doesn't believe that the recession is inevitable.

The war in Ukraine was blamed for the high inflation.

Russia's war on Ukraine has increased energy and food prices around the world. The US is not the only advanced economy suffering from high inflation. She said that the causes of it are global and not local.

A majority of CEOs expect a recession by the end of the year, according to a survey. According to Insider's Phil Rosen, many pointed to inflation, reeling energy markets, and conflicts in the Middle East as economic threats.

"It's more than likely that we'll have a recession within the next two years," Lawrence Summer said last week.

When unemployment is as low as it is right now, and inflation is as high, it's almost always preceded by a recession.