Tag: recession
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Economy shrinks for second consecutive quarter as Biden mocks recession ‘chatter’
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…
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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…
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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…