The White House rejected a prediction from FederalReserve staff that the economy will land in a mild recession later this year. PressSec told reporters that there aren’t indications that the country is heading toward a recession.
White House press secretary Karine Jean-Pierre, speaking at a press briefing while President Joe Biden traveled through Ireland, told reporters that there aren’t indications that the country is heading toward a recession, which many economists expect sometime in the next 12 months. She also touted the administration’s economic agenda.
Jean-Pierre rattled off a list of positive spots in the economy, noting that 12.5 million jobs have been added since Biden entered office, many of which were previously existing jobs that were recovered as the pandemic shutdowns reversed. She also mentioned wage growth and the country’s ultralow unemployment rate, although it is worth noting that wage growth has fallen well behind inflation.“Those are the indicators that show us that we are not headed to a recession or a pre-recession.
The meeting minutes were the first time central bank staff acknowledged that a recession is likely and that the Fed will likely be unable to pull off a “soft landing,” which is when inflation is driven down while the economy and labor market remain above water.
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