The U.S. economy shrank for the second straight quarter, but President Biden dismissed concerns of a recession Thursday as “chatter” and plowed ahead with plans for a tax increase and another huge boost in spending over the objections of Republicans, who say those policies have sparked historic inflation and reversed growth. Addressing the nation from…
Tag: recession
Fed chief Jerome Powell unconvinced U.S. is in recession after raising key interest rate
The Federal Reserve raised a key interest rate again by three-quarters of a percent on Wednesday to contain soaring inflation, but Fed Chairman Jerome Powell said he doesn’t see evidence of a recession and suggested that future rate increases will be smaller. Stocks soared on the development. The Fed announced the fourth increase in the…
Possible recession looms on anniversary of Biden’s prediction of ‘temporary’ inflation
President Biden told Americans exactly one year ago Tuesday that inflation of 5.4% would be “temporary,” and he was right, in the wrong direction. Consumer prices have kept climbing, to a rate of 9.1% in June. The rise has been so historic that Mr. Biden and his aides lately have given up trying to predict…