.NewYorkFed President John Williams said that he doesn’t see a recession on the horizon, even as other economists and investors fear that a downturn will result from the central bank's interest rate hikes.
Williams said Tuesday that he isn’t operating under the assumption that the economy will fall into a recession, but he acknowledged America's economic growth will inevitably take a hit by the Fed’s historic tightening.
Williams projected Tuesday that U.S. gross domestic product growth would slow to 1% to 1.5% by the end of the year — a significant downward revision from previous forecasts, which have consistently moved lower over the past several months as inflation remains stickier than expected. “We think we are in a recession,” she said on CNBC. “We think a big problem out there is inventories ... the increase of which I’ve never seen this large in my career. I’ve been around for 45 years.”
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