Cheddar News’ Closing Bell breaks down today’s business headlines including Treasury Secretary Janet Yellen’s contention that the U.S. economy is on solid footing despite persistent recession fears. “This is not an economy that’s in recession,” Yellen declared. “But we’re in a period of transition in which growth is slowing, and that’s necessary and appropriate.” She noted that consumer spending is growing and the unemployment rate is near a half-century low. Her comments come ahead of the Federal Reserve’s decision on interest rates this week. Meanwhile, gasoline prices continue to fall while wheat prices are rising after Russia’s weekend attack on a Ukrainian port. 

Closing Bell

In Business: Treasury Secretary Downplays Recession; Gasoline Prices Fall as Wheat Prices Rise

as we look ahead to a week of fresh economic data. Treasury Secretary Janet Yellen acknowledging over the weekend that the economy is slowing. She pointed to strong hiring and a solid job market in minimizing the severity of the drop off. Take a listen, this is not an economy that's in recession, but we're in a period of transition in which growth is slowing and that's necessary and appropriate and um we need to be growing at a steady and sustainable pace so there is a slowdown and businesses can see that. Now, Yellen noted that much of the economy is still healthy and super spending growing and an unemployment rate near a half a century low. The Treasury Secretary's comments come ahead of new economic data expected this week, including an interest rate decision from the Federal Reserve and an initial estimate of second quarter GDP. Now, if the reading is negative showing that the economy shrank it would meet the unofficial definition of a recession. You've been hearing that word a lot, that's two consecutive quarters of economic contraction. However, some economists have said that may be misleading, at least in this situation. Gas prices remain on the decline in the U. S. I have some good news here plummeting more than 30 cents over the past two weeks. Triple A noting that the average price of a regular gallon of gas is $4.36. While the average price is down more than 50 cents over the past six weeks, it's still more than a dollar higher than the same time a year ago. Unfortunately, Analysts say the current downward trend is likely to continue west, crude oil costs drop. It's a different story overseas though, where Russia's Nord Stream pipeline is down to just 20% of normal capacity, sending prices higher by as much as 10%. Russia's state owned energy giant says the cut is due to maintenance. Now the cut comes less than a week after european union asked members to ration energy as Russia experts control over its important supply Germany in particular is at high risk because it relies on Russian oil. The country could fall into a recession and cause even higher prices for consumers. We're watching another commodity as well. Wheat prices are rising after a Russian missile strike on a Ukrainian ports put a new deal to resume grain exports into jeopardy. Russia and Ukraine along with the United Nations and Turkey, signing an agreement on friday To allow three ports in Ukraine to reopen for green exports. Now the deal last for 120 days. About four months. Russia claims the attack will not affect exports will have more of the latest in Ukraine in just a moment.