In an interview with CNBC on Monday, US Treasury Secretary Janet Yellen said that she doesn't see any signs suggesting that the US economy is in a downturn, as reported by Reuters.

Key takeaways

"US had good, strong labor market and it is important for workers to be able to realize gains."

"Labor market is cooling but without significant layoffs."

"Consumer spending remains robust."

"Would expect to see some impact of Fed tightening, already seen in the housing market."

"I think we're achieving lower inflation."

"Watching oil prices very closely."

"There's absolutely no reason for a government shutdown."

"We want congress to stay focused and avoid anything that could cause the economy to lose momentum."