Treasury Sec. Janet Yellen acknowledges economic ‘slowdown’ but downplays recession fears

Treasury Secretary Janet Yellen acknowledged Sunday that the U.S. is experiencing an economic "slowdown" but downplayed the potential for a recession, arguing that the country is in a period of "transition" following rapid economic growth.

"The economy is slowing down," Yellen said on NBC News’ "Meet the Press," adding that a correction is "appropriate" for a healthy economy.

"The labor market is now extremely strong," she said. "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,...