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Biden to Call on Congress to Pass Gas Tax Holiday

Recession fears, trouble in the housing market, and a tax holiday.

The probability of a global economic recession is approaching 50% as supply shocks continue to spur inflation and drive growth lower, according to Citigroup Inc. A soft or a "softish" landing is possible, but will require supply shocks to wane and demand to stay resilient. A recession, if one were to occur, would likely be a "garden variety" type, with unemployment rising several percentage points. Meanwhile, Yardeni Research believes that a contraction isn't inevitable, and even if we get one, it may be short and shallow.