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Biden Says ‘Very Slight’ Recession Possible, Downplays Risk

  • President says no reason for US public to brace for downturn
  • IMF warned Tuesday about worsening outlook for global economy
US President Joe Biden speaks at the Volvo Group powertrain manufacturing facility in Hagerstown, Maryland, US, on Friday, Oct. 7, 2022. The US labor market stayed strong in September as the unemployment rate unexpectedly returned to an historic low, leaving the Federal Reserve on course to deliver yet another aggressive interest-rate hike.
US President Joe Biden speaks at the Volvo Group powertrain manufacturing facility in Hagerstown, Maryland, US, on Friday, Oct. 7, 2022. The US labor market stayed strong in September as the unemployment rate unexpectedly returned to an historic low, leaving the Federal Reserve on course to deliver yet another aggressive interest-rate hike.Photographer: Craig Hudson/Bloomberg
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President Joe Biden said a recession in the US is possible but that any downturn would be “very slight” and that the US economy is resilient enough to ride out the turbulence.

“I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” Biden said in an interview Tuesday with CNN.