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Fed’s Powell: U.S. not in recession, expect another ‘unusually large’ hike in Sept before slowdown
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Fed’s Powell: U.S. not in recession, expect another ‘unusually large’ hike in Sept before slowdown

August 1st, 2022 Kitco News comments

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The U.S. is presently not in an economic downturn, according to Federal Reserve Chair Jerome Powell. Which implies one more "unusually huge" price walk might be in store in September, adhered to by a downturn in tightening up.

Powell offered a press conference after the U.S. reserve bank elevated prices by 75 basis points for the second time in a row.

" I don't believe the U.S. is currently in an economic downturn. There are too many locations of the economic climate that are carrying out also well. I would certainly point to the very strong labor market. [It is] real that development is slowing … [Yet typically], GDP numbers [are] revised quite considerably. You often tend to take first GDP records with a grain of salt," Powell claimed, referencing Thursday's initial reading of the Q2 GDP report.

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Fed’s Powell: U.S. not in recession, expect another 'unusually large' hike in Sept before slowdown

The U.S. is currently not in a recession, according to Federal Reserve Chair Jerome Powell. And that means another "unusually large" rate hike could be in store in September, followed by a slowdown in tightening.

Powell gave a press conference after the U.S. central bank raised rates by 75 basis points for the second time in a row.

"I don't think the U.S. is currently in a recession. There are too many areas of the economy that are performing too well. I would point to the very strong labor market. [It is] true that growth is slowing … [But generally], GDP numbers [are] revised pretty significantly. You tend to take first GDP reports with a grain of salt," Powell said, referencing Thursday's first reading of the Q2 GDP report.

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