International

Biden says he doesn’t think there will be a recession, if so it will be ‘very slight’

0 blank 0
Read Time:1 Minute, 13 Second

President Joe Biden said he doesn’t believe there will be a recession in the near future and if there is, he expects it to be a “slight” economic dip.

“Every six months they say this. Every six months, they look down the next six months and say what’s going to happen,” Biden said in an interview with Jake Tapper on CNN that was aired Tuesday, referring to recent economic projections by major U.S. banks.

“It hadn’t happened yet. It hadn’t… I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly.”

JPMorgan Chase CEO Jamie Dimon on Monday warned of the likelihood of a recession in six to nine months.

The concerns come as the Federal Reserve continues to raise interest rates aggressively in an effort to reduce inflation. In September, the U.S. central bank raised benchmark interest rates by three-quarters of a percentage point — it was the Fed’s third consecutive hike.

Biden didn’t fully discount the odds of a recession but told CNN the odds were low.

“It’s possible,” Biden said. “I don’t anticipate it.”

The president acknowledged the U.S. has “real problems” but credited legislation passed under his administration like the Inflation Reduction Act with putting the United States in “a better position than any other major country in the world economically and politically.”

blank

About Post Author

The Business Daily

The Business Daily is North East India’s first Financial News Portal. This Pink Portal covers all big breaking news from the world of Business, Brands, Politics, Entertainments, Sports etc.
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
blank
The Business Daily
The Business Daily is North East India’s first Financial News Portal. This Pink Portal covers all big breaking news from the world of Business, Brands, Politics, Entertainments, Sports etc.
http://www.thebusinessdaily.in

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published.