Yellen says US working to mitigate risks to global economy

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U.S. Treasury Secretary Janet Yellen on Tuesday said stronger-than-expected U.S. economic growth had helped power the global economy, and Washington was working to mitigate remaining risks to the global outlook and ensure sustainable long-term growth.

In remarks prepared for a news conference, Yellen said the U.S. labor market was remarkably healthy and inflation was down significantly from its peak, although there was more work to do.

She said she expected the U.S. economy to continue to underpin the global economy, but acknowledged that the global recovery had been uneven and risks remained.

“From the start of the administration, President (Joe) Biden has made clear that American isolationism was over,” Yellen said. “So while we expect that America’s economic strength will continue to underpin global growth, we’ve also been engaging with the world to mitigate short-term risks and support sustainable long-term growth.”

That work will continue at this week’s spring meetings of the International Monetary Fund and World Bank, where Yellen will meet with officials from China, South Korea, Japan, Britain and many other countries.