Beautiful Virgin Islands

Friday, Feb 03, 2023

US recession whispers becoming a roar

US recession whispers becoming a roar

Listen to the article
0:00
0:00
The alarm over a looming recession is growing louder in the US, as the government struggles to control soaring prices, Politico reported on Tuesday.
“From Wall Street to Washington, whispers about a coming economic slump have risen to nearly a roar,” the publication writes, adding that the Federal Reserve’s “aggressive” policy sent stocks tumbling to their worst performance in decades and plunged consumer confidence to record lows.

Fed Chair Jerome Powell said last month that a recession was “certainly a possibility” and that the central bank wanted to “get inflation back down to 2%.” Powell’s comments followed a hike in interest rates by 75 basis points, the biggest increase in three decades. Wall Street’s benchmark for many stock funds, the S&P 500, reacted by losing 20% by the end of June, in what’s become in the worst half of a year for US stocks since 1970. The inflation rate reached a 40-year high of 8.6% in May.

According to Politico, the central bank’s apparent willingness to tolerate an economic downturn if it helps bring inflation under control doesn’t sit well with the American people. Critics cited by the publication claim the abrupt increases in borrowing costs will lead to a surge in lay-offs and “drive the economy off a cliff.”

Powell said last week that “overall, the US economy is well positioned to withstand tighter monetary policy.” According to Bloomberg, however, about a third of economists say a recession in the US is likely in the next two years.

The situation could be made worse by other factors, Politico says, such as the potential nosedive of housing prices or an escalation of the conflict in Ukraine, which could lead to further increases in oil and food prices.
Comments

Kieran 211 days ago
Listen if you have inflated wage demands, overpriced property, people not willing to do certain jobs, billions being poured into money pit war, totally divided America in political, governable, religious, ethnic, race and policy terms, what does one expect!!!
Anna 211 days ago
Well that is what you get when the central banks turn on the money printing press.. Everyone wanted free stemmie money well guess what, there is no free.

Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
EU found a way to use frozen Russian funds
I have a dream, MLK inspiring speech
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Aretha Franklin, Marvis Staples - Oh Happy Day
Almost 30% of professionals say they've tried ChatGPT at work
BVI Freedom Song
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Billy Preston - You Can't Beat God Giving (Live)
What is ChatGPT?
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Tesla reported record profits and record revenues for 2022
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Hello Dolly
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Who’s Threatening Israeli Democracy?
Bob Marley - Get Up Stand Up
Federal Reserve Probes Goldman’s Consumer Business
Yes He Can
China's first population drop in six decades
What A Friend We Have In Jesus
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Unforgettable
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Touch The Hem Of His Garment
Tesla slashes prices globally by as much as 20 percent
The Lord's Prayer
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
THE GOD MOVEMENT...BEAUTIFUL BVI
After Failing To Pay Office Rent, Twitter May Sell User Names
Siyahamba
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
FIFA president questioned by prosecutors
Ramblin' Rose
Britain's Sunak breaks silence and admits using private healthcare
Protoje - Who Knows ft. Chronixx
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Pressure - Virgin Islands Nice
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Phil Wickham - House Of The Lord
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
My God Is Real (Yes, God Is Real)
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
TikTok CEO Plans to Meet European Union Regulators
Louis Armstrong - When The Saints Go Marching In
UK chaos: Hong Kong emigrants duped by false prospectus
Kanye West Sunday Service - hallelujah, salvation, and glory
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Jonathan Nelson - I Believe (Island Medley
Japan reportedly to give families 1 million yen per child to move out of Tokyo
From The Virgin Islands Sqad Up
Will Canada ever become a real democracy?
Common, John Legend - Glory
Hong Kong property brokerages slash payrolls in choppy market
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
I have a dream, MLK inspiring speech
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Aretha Franklin, Marvis Staples - Oh Happy Day
Coinbase to Pay $100 Million in Settlement With New York Regulator
BVI Freedom Song
×