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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