"It's not completely off the table. But we would expect, with the job market as strong as it is now, to see a slower pace of ongoing job gains," Yellen told the CBS broadcaster on Sunday.
Yellen added that the slower growth of the US economy was "appropriate and normal."
"We have a healthy economy, a great labor market, inflation too high, and a concern of ours and the American people, but coming down over time, and it's my hope that, and belief, that there is a path to bring inflation down," Yellen said.
In late June, Federal Reserve Chair Jerome Powell said that a recession in the US is not certain but still possible as the Federal Reserve's target of returning inflation to 2% per year via interest rate hikes might not be achieved until 2025.