Fed's Powell says he does not think US economy is currently in a recession
Recent indicators show spending and production have 'softened,' says the Fed. FOX Business White House correspondent Edward Lawrence with more.said Wednesday he does not believe the U.S. economy is in a recession, despite growing fears that the country's central bank could trigger a downturn with its war on inflation.
"I do not think the U.S. is currently in a recession, and the reason is there are too many areas of the economy that are performing too well," Powell said at the Fed's post-meeting press conference in Washington. … It doesn’t make sense that the economy would be in a recession with this kind of thing happening."
His comments came after policymakers voted unanimously to hike interest rates by 75 basis points for the second consecutive month, putting the federal funds target range between 2.25% to 2.50%, the highest since December 2019. The efforts to
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