Why recession fears are growing and what a downturn could look like:
Persistent inflation has prompted the Fed to sustain ongoing rate hikes and imperil the economy, rather than risk deeply entrenched price increases that could prove more difficult to reverse, some experts told ABC News. In turn, the longer the Fed takes an aggressive posture, the more likely that the economy will fall into a recession, they said.
"There's a pretty good consensus among economists, market participants and others, that the Fed is going to keep interest rates elevated in order to slow down the inflation pressures we're seeing and that it will have no choice but to create a recession," he added. "I don't think anyone knows whether we're going to have a recession or not, and if we do, whether it's going to be a deep one or not," Powell said. "It's not knowable."Recession fears "are not particularly warranted," Laurence Kotlikoff, an economist at Boston University, told ABC News.
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