US President Joe Biden comes to discuss at the Volvo Group powertrain production facility in Hagerstown, Maryland, on Friday, Oct. 7, 2022.
Craig Hudson | Bloomberg | Getty Illustrations or photos
President Joe Biden said he would not consider there will be a recession in the in close proximity to future and if there is, he expects it to be a “slight” economic dip.
“Just about every six months they say this. Just about every 6 months, they glimpse down the upcoming 6 months and say what is actually going to take place,” Biden stated in an job interview with Jake Tapper on CNN that was aired Tuesday, referring to recent financial projections by key U.S. banking companies.
“It hadn’t occurred nevertheless. It hadn’t… I really don’t consider there will be a economic downturn. If it is, it’s going to be a very slight economic downturn. That is, we will go down marginally.”
JPMorgan Chase CEO Jamie Dimon on Monday warned of the chance of a recession in 6 to nine months.
In an interview with CNBC, Dimon warned of a “very, really serious” blend of headwinds which could tip equally the U.S. and worldwide overall economy into recession by the middle of following yr.
The fears come as the Federal Reserve carries on to raise fascination costs aggressively in an energy to minimize inflation. In September, the U.S. central financial institution lifted benchmark interest premiums by a few-quarters of a proportion position — it was the Fed’s 3rd consecutive hike.
Biden didn’t totally low cost the odds of a economic downturn but told CNN the odds were being low.
“It is feasible,” Biden claimed. “I you should not foresee it.”
The president acknowledged the U.S. has “authentic challenges” but credited laws handed under his administration like the Inflation Reduction Act with placing the United States in “a far better situation than any other key country in the planet economically and politically.”
