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Fed Staff No Longer Predict U.S. Recession This Year

“Given the resilience of the economy recently, they are no longer forecasting a recession,” Federal Reserve Chair Jerome Powell said Wednesday.

Staff at the Federal Reserve no longer expect a recession will hit the U.S. this year, Chair Jerome Powell said.

Reuters/Brendan McDermid

By Brett Bachman

Staff at the Federal Reserve no longer expect a recession will hit the U.S. this year, Chair Jerome Powell said at a meeting of the Federal Open Market Committee Wednesday. “The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession,” he said in the meeting, during which the Fed also raised interest rates a quarter of a percentage point. Staff members produce their own economic forecasts separate from the Committee’s—something Powell said “helps us make—I hope–better decisions.”

Read it at Barron’s

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