Recession in the US is not "inevitable", says Treasury Secretary Janet Yellen

Last week, the US Federal Reserve raised interest rates by 75 basis points or 0.75 percentage points, the biggest hike in 28 years, to stem a surge in inflation, and flagged a slowing economy.

At a news conference following the rate rise, Fed Chairman Jerome Powell had said either a 50- or 75-basis-point rate increase at its next policy meeting in July seemed most likely, and that the economy is strong enough to handle tighter policy.

"It could ease back to the low-104s near term, before the uptrend resumes. Powell outlined a resolute path for taking Fed Funds to just shy of 4 percent by 2023, surely keeping risky assets unsettled for an extended period... the index can make a run at 107 in Q3."