Fears of a recession have cast a thundercloud over the economy for many months but forecasters sun-kissed by falling inflation and a robust jobs market have grown optimistic about the U.S. averting a downturn.
a recession through the shorthand metric of two consecutive quarters of shrinking in a nation's GDP.
Jerome Powell, chairman of the Federal Reserve, during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington on June 22, 2023.For more than a year, the Federal Reserve has aimed to roll back inflation through interest rate hikes that typically slow the economy and slash consumer demand. The approach, however, risks tipping the economy into a downturn.
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