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Biden says US recession is not inevitable
"First of all, it’s not inevitable," Biden told AP in an interview. "Secondly, we’re in a stronger position than any nation in the world to overcome this inflation," he said.
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US President Joe Biden tours the Samsung Electronics factory alongside South Korean President Yoon Suk-yeol and Samsung Electronics Vice Chairman Lee Jae-yong (not pictured) in Pyeongtaek on May 20, 2022. (AFP/Saul Loeb)
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span class="tr-strong">President Joe Biden said a recession is "not inevitable" and he is confident the United States can overcome inflation, the Associated Press reported on Thursday.
"First of all, it’s not inevitable," Biden told AP in an interview. "Secondly, we’re in a stronger position than any nation in the world to overcome this inflation," he said.
On Wednesday, the Federal Reserve rolled out its biggest rate hike since 1994 and flagged a slowing economy.
Meanwhile, Asian markets mostly fell Friday after another hefty drop in New York as central bank interest rate hikes fan fears of a recession, while the yen sank after the Bank of Japan said it would not yet follow its global peers in tightening policy.
Gone is the optimism that flowed through trading floors immediately after the Federal Reserve on Wednesday announced its biggest rate increase for 28 years as global finance chiefs followed suit, putting a squeeze on dealers' ability to borrow.
Markets have been tumbling for months as traders contemplate the end of the era of cheap cash that sent valuations to record or multi-year highs, with inflation at levels not seen in decades owing to a surge in energy and food prices.
The Bank of England on Thursday lifted rates for a fifth straight time to their highest since 2009 during the financial crisis, just as the Swiss central bank shocked markets by unveiling its own half-point increase -- its first rise in 15 years.
