Biden says he sees no recession in 2023 or 2024

WASHINGTON — President Joseph R. Biden stated on Wednesday he didn’t consider the US economic system will fall into recession both this 12 months or subsequent 12 months, his most assured prediction on the destiny of an economic system that’s nonetheless rattled by fears of a downturn.

Requested in an interview on the PBS NewsHour program whether or not he thought there can be a recession this 12 months, Mr. Biden responded: “No, or next year. From the moment I got elected, how many of the experts are saying within the next six months there’s gonna be recession?”

Economists for months have been warning of a attainable recession because the US Federal Reserve raised rates of interest in order to tame decades-high inflation.

Mr. Biden himself has stated a recession was attainable, and earlier this week he instructed reporters that the danger was very low.

On the entire, financial information in latest months has moved in the president’s favor, notably after inflation spiked to a 40-year excessive final summer season and authorities reviews confirmed the US economic system might be heading right into a recession.

Sturdy job numbers final week, which occurred regardless of layoffs in the know-how sector in addition to in interest-rate-sensitive sectors like housing and finance, poured chilly water on market expectations that the US central financial institution was near pausing its financial coverage tightening cycle. — Reuters

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