U.S. Economy

AP Interview: Biden says a recession is 'not inevitable'

AP Interview: Biden says a recession is ‘not inevitable’

WASHINGTON (AP) — President Joe Biden told The Associated Press on Thursday that the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are slamming family budgets. He said a recession is not inevitable and bristled at claims by …

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The stock market's nightmare scenario of a 50% drop is now more likely after the 'stubborn' Fed's biggest rate hike in decades, hedge-fund strategist says

The stock market’s nightmare scenario of a 50% drop is now more likely after the ‘stubborn’ Fed’s biggest rate hike

The Federal Reserve, led by Jerome Powell, raised interest rates earlier this month.Samuel Corum/Getty Images A “stubborn” Federal Reserve has increased the likelihood of a prolonged recession, according to Axonic Capital’s Peter Cecchini.  That’s because the Fed could cause economic whiplash that leads it to cutting interest rates sooner than expected. “The 1970’s drawdown scenario …

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US Treasury bats away recession fears as European countries look to shore up gas supplies and ASX gets set to sink further

US Treasury bats away recession fears as European countries look to shore up gas supplies and ASX gets set to sink further

Last week marked the Australian Stock Exchange’s worst decline since 2020. The downtrend is set to continue this week, with ASX futures pointing to a weak opening: ASX SPI 200 futures lost 0.3% to 6,345 by the US close. Major US stock indexes closed mixed Friday but finished sharply lower as fears over economic derailment grew …

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The US economy will grind to a halt in the 2nd half of 2023 and the following year won't be much better, BofA says as it slashes its growth forecast

The US economy will grind to a halt in the 2nd half of 2023 and the following year won’t be much better, BofA says as it slashes its growth forecast

Wikimedia Commons Bank of America analysts expect US economic growth to slow to near zero by the second half of 2023. While the risk of a recession this year is low, BofA sees a 40% probability starting next year. And 2024 isn’t looking much better, as analysts see only “a modest rebound” by then. Bank …

The US economy will grind to a halt in the 2nd half of 2023 and the following year won’t be much better, BofA says as it slashes its growth forecast Read More »

Bidenworld: We won the Covid pandemic battle, lost the Covid politics war

Bidenworld: We won the Covid pandemic battle, lost the Covid politics war

The White House believes it’s finally got the Covid crisis under control. But it may be too late to claim any of the credit. Five months out from the midterms, administration health officials are increasingly confident they’ve blunted the worst of the virus’ effects. Cases continue to climb. But Covid deaths are down and hospital …

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