Despite a slower-than-expected first-quarter GDP growth rate, US Treasury Secretary Janet Yellen remains optimistic about the state of the economy. Yellen stated that the economy is performing well and not overheated, with the labor market being the strongest in 50 years.
The Commerce Department reported a 1.6% annualized growth rate for the US economy in the first quarter, the slowest pace since a contraction in 2022. Yellen, however, downplayed concerns over the weaker reading, highlighting strong underlying growth measures in the report.
