Economic news
Fed’s Powell does not believe U.S. economy is in recession right now
2022.07.28 07:02
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., July 27, 2022. REUTERS/Elizabeth Frantz
(Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said he did not believe the U.S. economy is currently in a recession but it is softening and the path for the Fed to avoid a recession continues to narrow.
“I don’t think the economy is in recession right now,” Powell said at a press conference following the central bank’s latest two-day policy meeting. But officials do believe the economy needs a period of below-potential growth to create sufficient slack to lower inflation.
