Fed Economists Predict Banking Crisis to Trigger 2022 Recession
TL;DR Summary
The Federal Reserve's staff expects a "mild" recession later this year due to the recent banking crisis, according to the minutes from the central bank's meeting in March. This outlook is dimmer than public statements from Chairman Jerome Powell and the Biden administration, which has painted a rosier picture of the economy. Despite the troubling outlook, the central bank has aimed to curb inflation, which was 6% in February, marking the ninth consecutive month of smaller price hikes.
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