17.6 C
New York
Sunday, September 24, 2023

Fed’s Barkin: no need for possible U.S. recession to be ‘calamitous’

Fed's Barkin: no need for possible U.S. recession to be 'calamitous'
© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, U.S., May 23, 2019. REUTERS/Ann Saphir/File Photo

(Reuters) – The U.S. Federal Reserve’s commitment to raising interest rates in order to bring inflation back down to its 2% goal will not necessarily result in a severe economic downturn and brings some benefits, Richmond Fed President Thomas Barkin said on Tuesday.

“A recession is obviously a risk,” Barkin said during an event at the Huntington Regional Chamber of Commerce in West Virginia. “It doesn’t have to be like a 2008 recession. It doesn’t need to be calamitous, we’re out of balance today…returning to normal might actually mean products on shelves, cars on lots and restaurants fully staffed.”

Source: Investing.com

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles

Popular Articles