On Monday US President Joe Biden eliminated negativity and said the US is not heading towards a recession. He also pointed out the low unemployment and continued investment in the US economy ahead of a key Federal Reserve meeting.
Biden told reporters that the unemployment rate is still on the lowest side, in the area of 3.6. We have been continuously finding ourselves with people investing and “The US is not heading towards a recession”.
Biden is quite hopeful that the US will move from rapid growth to steady growth, while some may come down. But, he is not agreed that the US will see a recession.
US President Joe Biden expressed his views just before the conclusion of a two-day meeting of the Federal Reserve. It is widely expected that Federal Reserve will increase interest rates once again to control inflation.
Most economists are pointing toward a 75 basis points hike. This week is also important for main Wall Street firms including Apple, Google parent company Alphabet, and Microsoft; they all are going to release major corporate earnings this week.
It is estimated that the benchmark rate will be at least 3.5% by the year-end.