Ahead of key Fed meeting, Biden says US will not enter recession
WASHINGTON
President Joe Biden on Monday threw cold water on fears the US could be heading into a recession, pointing to low unemployment and continued investment in the American economy ahead of a key Federal Reserve meeting.
“We’re not gonna be in a recession,” the president told reporters. “The unemployment rate is still one of the lowest we’ve had in history. It is in the 3.6 area. We still find ourselves with people investing.
“My hope is we go from this rapid growth to a steady growth, and we’ll see some coming down, but I don’t think we’re going to, God willing, that we’ll see a recession.”
The comments come as the US Federal Reserve prepares to conclude a two-day meeting on Wednesday in which it is widely expected to again raise interest rates in its further drive to tamp down inflation.
Economists are anticipating another 0.75 basis point hike. Major Wall Street firms, including Apple, Google parent company Alphabet, and Microsoft are also due to release major corporate earnings reports this week.
Year-end projections put the central bank’s benchmark rate at least at 3.5%.
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