The Fed no longer thinks a recession will happen this year
Federal Reserve Chair Jerome Powell confirmed the central bank no longer believes a recession will happen this year.after it held rates steady in June. It's the bank's latest move to get inflation down to its 2% target, and while the latest inflation data shows prices are cooling, Powell said during the press conference that additional hikes will be warranted to continue battling inflation.
However, he punted recession concerns by saying that the Fed staff no longer forecasts a recession in 2023. This differs from previous Federal Open Market Committee meetings, during which the staff did leave a recession on the table.
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