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The U.S. is currently not in a recession, according to Federal Reserve Chair Jerome Powell. And that means another “unusually large” rate hike could be in store in September, followed by a slowdown in tightening.
Powell gave a press conference after the U.S. central bank raised rates by 75 basis points for the second time in a row.
“I don’t think the U.S. is currently in a recession. There are too many areas of the economy that are performing too well. I would point to the very strong labor market. [It is] true that growth is slowing … [But generally], GDP numbers [are] revised pretty significantly. You tend to take first GDP reports with a grain of salt,” Powell said, referencing Thursday’s first reading of the Q2 GDP report.
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