Biden says he doesn’t think a recession will happen

U.S. President Joe Biden arrives to speak at the Volvo Group powertrain manufacturing plant in Hagerstown, Maryland, Friday, Oct. 7, 2022.

Craig Hudson | Bloomberg | Good pictures

President Joe Biden He said he doesn’t believe there will be a recession in the near future, and if there is, he expects it to be a “small” economic downturn.

“Every six months they say this. Every six months, they look down the next six months and say what’s going to happen,” Biden said in an interview with CNN’s Jake Tapper that aired Tuesday. Banks.

“It hasn’t happened yet. It hasn’t happened… I don’t think there’s going to be a recession. If there is, it’s going to be a very small recession. I mean, we’re going to move down a bit.”

JP Morgan Chase CEO Jamie Dimon It warned on Monday that a recession is likely in six to nine months.

In an interview with CNBC, Dimon warned of “very, very serious” dizziness This could push both the US and the global economy into recession by the middle of next year.

The concerns come as the Federal Reserve has been aggressively raising interest rates in an effort to curb inflation. In September, the The US Federal Reserve hiked benchmark interest rates Three-quarters of a percentage point – this is the central bank’s third consecutive hike.

Biden didn’t completely discount the odds of a recession, but told CNN the odds were low.

“It’s possible,” Biden said. “I wasn’t expecting that.”

The president acknowledged that the United States has “real problems,” but legislation passed under his administration, such as the Anti-Inflation Act, puts the United States “in a better position economically and politically than any other major country in the world.”

What is a recession and can you predict it will happen?

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