Fed staff no longer forecasting U.S. recession, Powell says
2023.07.26 15:50
© Reuters. Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., July 26, 2023. REUTERS/Elizabeth Frantz
WASHINGTON (Reuters) – U.S. Federal Reserve Chair Jerome Powell said on Wednesday that Fed staff are no longer forecasting a U.S. recession, and “we do have a shot” for inflation to return to target without high levels of job losses.
Powell told a news conference after the Fed’s latest interest-rate hike that there was “a lot left to go to” see such a soft landing.
“So 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.
