Treasury Secretary Janet Yellen Inflation forecasted to be “much lower” Barring any unexpected shocks, it will be completed by next year.

In a “60 Minutes” interview broadcast Sunday, Yellen said shipping costs, delivery delays and gasoline — which can contribute to rising prices — are showing signs of easing. “The economy remains prone to shocks,” She stated that although the U.S. financial, business, and household sectors are in excellent shape, they remain weak.

“There’s a risk of a recession. But it certainly isn’t, in my view, something that is necessary to bring inflation down,” Yellen said.

Critics have been warning that Federal Reserve Chair Jerome Powell’s continued interest rate hikes to tame inflation could lead to a recession. Powell has hinted To balance the risk, the Fed will continue raising rates but in smaller increments starting next month.

Yellen It was explained that in order for inflation to continue falling, economic growth needs to slow down. This will also affect hiring. In the last few months, many U.S. companies announced layoffs, including tech giants Meta and Amazon.

“We have a healthy labor market. To bring down inflation, and because almost everybody who wants a job has a job, growth has to slow,” Yellen told CBS’ Norah O’ Donnell.

Yellen also said the U.S. is doing everything in its power to end Russia’s war in Ukraine, hoping to limit the world economic impact.

The G-7 countries agreed to a cap on the price of Russian oil, which was implemented last week. “suppress Russian revenue, make it more difficult for them to fight the war, and keep global prices in a moderate range, and avoid spikes,” Yellen explained.

When asked how long the U.S. will continue to send financial support for Ukraine, Yellen replied: “For as long as it takes.”