Treasury Secretary Janet Yellen sees no signs of a recession in the U.S. economy in the near future, Axios reported.

Her comments came after the Commerce Department's GDP report, which said the U.S. economy grew 2.6 percent year-over-year in the third quarter, ending a streak of consecutive recessions that have raised fears of a recession.

But that's little consolation for the millions of Americans who see their real incomes shrinking because of high inflation.

"I don't see signs of a recession in this economy at this point," she continued. "We have unemployment at a 50-year low … We saw in this morning's report — consumer spending and investment spending continued to grow. We have solid household finances, business finances, banks that are well capitalized," she added.

Yellen acknowledged that inflation is "unacceptably high."

"Americans feel that every day," she said, noting that it will likely take a few years to see prices fall back to levels "that people are more accustomed to."