Economy grows at 2.4%, Fed no longer concerned with recession

[Concart]

Oooops. I guess our resident geniuses who predicted a recession or even a depression have egg on their faces and crow on their plates. I guess Econ just isn't their game. I know, let's talk about transgenders instead!

https://www.reuters.com/markets/us/...ecasting-us-recession-powell-says-2023-07-26/

"U.S. Federal Reserve Chair Jerome Powell said on Wednesday the central bank's staff no longer forecasts a U.S. recession, and "we do have a shot" for inflation to return to target without high levels of job losses."

Followed today by:

https://www.businessinsider.com/gdp-gross-domestic-product-us-q2-2023-economy-growth-2023-7

"The US economy was seeing growth surge in the second quarter of 2023, according to new data out Thursday morning.

According to the Bureau of Economic Analysis, real gross domestic product, or real GDP, grew at an annualized rate of 2.4% in the second quarter of 2023. That beats the 1.8% forecast. This exceeds the 2.0% growth seen in the first quarter of the year and doesn't follow the trend the US has been seeing of slowing economic growth."

Discuss our brilliant economy under Bidenomics.

 

[Cypress]

Totally weird.

Three years ago, Trumpf practically guaranteed that if Americans dared to elect Biden there would be an unprecedented economic depression of apocalyptic proportions.

 

[cawacko]

I don’t think it’s egg on faces (at least for most). Economists were predicting a recession for a reason (and by most historical standards we had one last year with back-to-back quarters of negative GDP growth.). That on top of Fed tightening is what led to ‘the most predicted recession in our time’.

The hope was always that Powell could engineer a soft landing however and while we’re not out of the woods yet (the rise in rates takes time to fully kick in) I’m sure Powell is feeling pretty good about himself at the moment.