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Powell Says He Does Not Think The US Is In Recession

FED
  • Q: Is the bias to say the risk of doing too little outweighing the risk of doing too much?
  • A: We're trying to do just the right amount, we're not trying to have a recession and we don't have to. We think there's a path for us to bring inflation down while sustaining a strong labor market. In all likelihood there will be some softening in labor market conditions.* We see two-sided risks. Doing to much and imposing more of an economic downturn than was necessary, but the risk of too little and leaving entrenched inflation, only raises the cost of dealing with it later.
  • Q: Do you believe the US is currently in recession?
    • A: I don't think the US is currently in a recession. There are too many areas of the economy that are performing too well. Of course I'd point to the labor market in particular. It doesn't make sense that the economy would be in a recession with this kind of [labor market strength] happening. Growth is slowing for reasons we understand.
  • Powell there basically cementing the idea they won't pay much attention to tomorrow's GDP number.
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