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MNI: Barkin Warns Recession Possible As Fed Hikes Quiet Demand

(MNI) Washington

Richmond Fed president acknowledges a rising risk of recession but said it doesn't have to be long or deep.

U.S. economic strength could limit the length and depth of any recession as the Fed raises interest rates to dampen demand, Federal Reserve Bank of Richmond President Thomas Barkin said Tuesday.

"I understand why some are forecasting a recession," he said in remarks prepared for a meeting of the Risk Management Association in Richmond, Va. "But the challenge in predicting a recession for tomorrow is the strength of the aggregate data today."

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U.S. economic strength could limit the length and depth of any recession as the Fed raises interest rates to dampen demand, Federal Reserve Bank of Richmond President Thomas Barkin said Tuesday.

"I understand why some are forecasting a recession," he said in remarks prepared for a meeting of the Risk Management Association in Richmond, Va. "But the challenge in predicting a recession for tomorrow is the strength of the aggregate data today."

Keep reading...Show less