In an interview with ABC, US Treasury Secretary Janet Yellen said on Monday that the US economy is still strong and resilient. "You don't have a recession when you have the lowest unemployment rate in 53 years," Yellen added.

Key takeaways

"Inflation remains too high but it is coming down."

"Confident the US will find a path where inflation declines significantly and economy remains strong."

"Not to pay America's bills on time would produce an economic and financial catastrophe."

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen rising 0.2% on the day at 103.18.