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Watch Treasury Secretary Janet Yellen speak reside concerning the state of the U.S. financial system

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Treasury Secretary Janet Yellen speaks Thursday at a information convention on the state of the U.S. financial system.

Yellen’s feedback observe information that the U.S. financial system contracted for the second consecutive quarter from April to June, in keeping with an advance estimate from the Bureau of Financial Evaluation. Gross home product declined 0.9% at an annualized tempo for that interval. The financial system shrank by 1.6% within the first quarter.

Although many individuals interpret two back-to-back damaging GDP readings as a recession, the Nationwide Bureau of Financial Analysis is the group in control of making that dedication. A number of components, together with nonfarm payrolls and actual private consumption expenditures, weigh into whether or not the NBER would name a recession. It could possibly be months earlier than NBER makes a judgment.

Learn extra:
GDP fell 0.9% within the second quarter, the second straight decline and a powerful recession sign
The financial system might seem like it’s in recession, however we nonetheless don’t know for positive
Powell and earnings are combining to supply a strong mid-summer transfer — bear market rally or not

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