Janet Yellen: “The consumer spending we are seeing is not largely being supported by taking on additional debt.”

The most recent and optimistic estimate I’ve seen suggested that the average household will see on the order of $1,000 reduction in income.

I am optimistic, because I believe that the big inflationary impulse that we saw in 2022 largely was global.

We certainly have proposed extending the Child Tax Credit, which was immensely helpful, and we are supportive of the legislation that has gone through the House.

There will be a negotiation over what to do when these tax cuts expire.