Why is Jerome Powell gaslighting us about the odds of recession? By Cointelegraph

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Why is Jerome Powell gaslighting us about the odds of recession?

Published Jul 27, 2023 04:53PM ET Updated Jul 27, 2023 06:40PM ET

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Why is Jerome Powell gaslighting us about the odds of recession?

Over the last 12 months, market analysts and commentators have relentlessly predicted that the United States is heading for a recession. However, the U.S. economy has been remarkably resilient and defied the forecasts. Indeed, we now have the U.S. Federal Reserve discounting a recession from its current modeling, as Fed Chair Jerome Powell emphasized at the Fed’s July press conference.

There is, however, much more to this story.

GDP growth in the United States from 2013 through the first quarter of 2023. Source: Federal Reserve Bank of St. Louis

Household debt service payments as a percent of disposable personal income, 2013–2023. Source: Federal Reserve Bank of St. Louis

Oliver Rust is the head of product at Truflation, an inflation data aggregator. He served previously as the CEO of Engine Insights and as global senior vice president of financial services for The Nielsen Company.

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