The US Federal Reserve has announced that it expects the start of an economic recession in the US later this year.
The reserve said in a report released on Wednesday that “the impact of a subsequent tightening of bank borrowing conditions on the back of an existing tightening of financial conditions will lead to a mild recession starting later this year.”
The Federal Reserve expected a slowdown in gross domestic product growth in the current and next quarter of this year.
According to the Fed’s expectations, the US gross domestic product will contract in the last quarter of this year and the first quarter of next year.
Source: News
