White House Dismisses Fed's Recession Concerns

The White House rejected the Federal Reserve staff economists' forecast of a minor recession starting later this year, citing strong job numbers and consumer spending as indicators of success under President Joe Biden's economic plans. The Federal Reserve officials are still expected to extend their run of interest-rate hikes despite the warning. The White House spokeswoman contradicted the Fed staff's warning and said that recent economic indicators are not consistent with a recession or even a pre-recession.