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Tuesday, March 21, 2023

Fed’s Daly sees significant economic headwinds, but no recession

Fed's Daly sees significant economic headwinds, but no recession© Reuters. FILE PHOTO: Mary Daly, President of the Federal Reserve Bank of San Francisco, poses after giving a speech on the U.S. economic outlook, in Idaho Falls

PALO ALTO, Calif. (Reuters) – The U.S. economy is facing significant economic headwinds, San Francisco Federal Reserve Bank President Mary Daly said on Wednesday, but its near-record-long expansion does not appear to be hitting a dead end.

“There’s nothing on the radar that says we’re slipping into recession,” Daly told the Stanford Institute for Economic Policy Research. But, she said, the “sour” mood that sent stock prices down late last year has begun to percolate through the data, and tighter financial conditions, slower growth overseas, and rising uncertainty over the outlook do threaten to slow U.S. growth.

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Source: Investing.com

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