In a recent interview, US Treasury Secretary Janet Yellen, while expressing concern over the persistent nature of the high inflation affecting the nation, said that the national economy could still slip into a recession, instead of making the “soft landing” that the Federal Reserve has sought.

She noted, in the interview with the CBS news program Face the Nation, that it is “appropriate and normal” for the nation to see only moderate economic growth.

Yellen was asked about the possibility of a recession after the most recent jobs report in June, which had come in at the weakest level since the pandemic period in December of 2020, showing that the number of jobs being added to the economy was declining. Yellen said that a recession was, “not completely off the table.”

In June, the US economy added 209,000 jobs according to Labor Department data released last week. Meanwhile for June, unemployment dropped slightly to 3.6%, from 3.7% in May.

The Treasury Secretary pointed out that inflation is still high despite the fact it has begun to ease. In May, prices rose 4% year over year, which is more than twice the targeted rate of the US Federal Reserve.

Yellen said, “We have a healthy economy, a great labor market, inflation too high and a concern of ours and the American people, but coming down over time.”

The Federal Reserve has sought to constrain inflation for months through a series of interest rate hikes, which has seen the regulator’s key rate rise to the highest level it has seen in decades. This is begun to slow economic growth, and lead to fears of a recession among analysts.

Although the central bank indicated last month that it was pausing interest rate hikes for the time being, it also signaled that it was possible there would be more rate hikes later this year. It also indicated the central bank felt it “quite likely” there would be a recession in 2023, but that it would not be “deep” or “prolonged.”