The Fed's own economists are sounding the recession alarm — and warning that more interest-rate hikes could tank the US economy

Quick Summary:

Federal Reserve's staff economists said pressure on consumer spending, overseas turmoil, and higher borrowing costs have made a recession more likely.

Fed chair Jerome Powell and his colleagues have responded by hiking rates from near zero in March to a range of 3.75% to 4%, and signaling rates could peak above 5% for the first time since 2007.

The Fed's economists said it was a virtual coin toss whether the economy would eke out growth or slump into a recession in 2023.

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Category: Economy

Markets: United StatesChinaUkraine

Topics: Global Economy FOMC Markets Economic Growth Consumer spending Economic outlook Russia ukraine war Rate Hikes Interest Rates Stocks Central Bank MI Exclusive Inflation Monetary Policy Federal Reserve Jerome Powell Recession

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-11-24 @ 13:12:33 (2 months ago)

News Timezone: GMT -5:00

Ranking: #467 (out of 2828 stories this day)

News Source URL: markets.businessinsider.com

Language: English

Article Length: 397 words

Reading Time: 3 minutes read

Sentences: 35 lines

Sentence Length: 12 words per sentence (average)

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Copyright Owner: © Business Insider

News ID: 1910810

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