Fed's Barr: US economy not in recession

Federal Reserve’s Vice Chair for Supervision Michael Barr underlined on Tuesday that the United States economy is “not in a recession.”

Testifying before the Senate Banking Committee, Barr, however, noted that he expects to see “significant softening in the [country’s] economy,” as inflation remains “far too high.” Barr also stressed that “we will see a rise in unemployment.”

Nevertheless, he could not give “an accurate prediction of the unemployment rate.” The Fed official reiterated that the central bank plans to act depending on the data and “employment is one of the indicators we look at.”

Baha Breaking News (BBN) / AY

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