'In response to these developments, we now expect an earlier and somewhat more severe recession,' said Deutsche Bank. inflation
However, Luzzetti explained in the note: “Since that time, the Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing.” The Deutsche Bank economist continued:The Federal Reserve raised its benchmark interest rate by 75 basis points last week — the biggest increase since 1994.
In its semi-annual report to Congress released Friday, the Fed said: “The committee is acutely aware that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials … The committee’s commitment to restoring price stability — which is necessary for sustaining a strong labor market — is unconditional.
He added: “That said, higher inflation during that period would likely constrain the Fed’s ability to cut rates to counteract the downturn. On the other side, a more resilient economy in the near-term with more persistent inflation pressures would spell upside risk to our Fed view.” Earlier this month, the World Bank warned of a global recession. “For many countries, a recession will be hard to avoid,”
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