Powell Says Fed’s Staff Is No Longer Forecasting a Recession
- Staff economists drop downturn forecast they debuted in March
- Fed chair cites recent ‘resilience of the economy’ for upgrade
Jerome Powell
Photographer: Al Drago/BloombergThis article is for subscribers only.
Federal Reserve Chair Jerome Powell said the US central bank’s staff economists are no longer forecasting a recession given recent resilience in the economic data.
“The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession,” Powell said Wednesday during a press conference following a two-day policy meeting.