Treasury secretary: we’re not in a recession

U.S. hiring remained robust in June, with 372,000 jobs created and the unemployment rate holding at 3.6%. It was the fourth straight month of job gains in excess of 350,000.

“This is not an economy that is in recession," said Yellen. "But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate."

U.S. gross domestic product, a broad measure of economic health, shrank at a 1.6% annual rate in the first quarter, and a report on Thursday is expected to show a gain of just 0.4% in the second quarter, according to economists polled by Reuters.