Treasury Secretary Janet Yellen says 2024 is going to be a 'very good' year for the economy

With the economy looming large in the 2024 election, Treasury Secretary Janet Yellen said she sees “no reason” for a recession this year.

With the economy looming large in the 2024 election, Treasury Secretary Janet Yellen said Thursday she sees "no reason" for a recession this year and insisted consumers are turning more optimistic about their finances.

"I think 2024 is going to be a very good economic year. That said, there are always risks," Yellen told ABC News Correspondent Elizabeth Schulze in an exclusive interview in Chicago.

"Consumers and households feel confident enough about their own personal financial situation and about the economic outlook to be spending in a way that's creating jobs, creating growth and is providing them with the income to go on doing that," Yellen said. "So, I see no reason why that can't continue."

Yellen's comments come on the back of a new GDP report showing a stellar year of economic growth that defied economists' expectations of a recession, a point that the Biden administration is hoping it can use to alter voters' largely pessimistic feelings about the economy ahead of the election.