Treasury Secretary Janet Yellen on Monday said she sees a path in which the U.S. economy avoids a recession, citing a slow-but-steady decline in inflation, strong job growth and a historically low unemployment rate.

"You don't have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years," Yellen said during an interview on ABC's "Good Morning America." "What I see is a path in which inflation is declining significantly, and the economy is remaining strong."

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