Federal Reserve Chair Jerome Powell told reporters that, 'given the resilience of the economy recently,' the Fed staff no longer forecasts a recession for the U.S.
Federal Reserve Chair Jerome Powell speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building following a Federal Open Market Committee meeting, July 26, 2023 in, Washington.U.S. Federal Reserve Chair Jerome Powell told reporters Wednesday that the Fed staff no longer forecasts a recession for the U.S., and there is a chance inflation could return to target without high job losses.
In April, the Federal Reserve staff expected the regional bank crisis to tip the economy into recession, according to a Fed minutes release. Powell indicated during his news conference with reporters that the spring prediction may not be the case. Federal Reserve Chair Jerome Powell speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building following a Federal Open Market Committee meeting, July 26, 2023 in, Washington."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.
The Fed staff is an independent staff within the Federal Reserve that makes its own projections on the economy. Their forecasts are not the official position of the Federal Open Market Committee, the body that determines rate hike decisions.
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