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US economists expect inflation and interest rates to remain high in 2023 – Poll


https://sputnikglobe.com/20230523/us-economists-expect-inflation-interests-rates-to-remain-high-in-2023–survey-1110529757.html

US economists expect inflation and interest rates to remain high in 2023

US economists expect inflation and interest rates to remain high in 2023

A new survey of economists has found that respondents expect the US Federal Reserve to make little progress this year in reining in rising prices, saying they expect inflation and interest rates interest rates remain stubbornly high.

2023-05-23T04:07+0000

2023-05-23T04:07+0000

2023-05-23T05:07+0000

economy

US debt ceiling crisis

Joe Biden

Kevin McCarthy

recession

inflation

federal reserve

investigation

economic crisis

financial crisis

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A new survey of economists has found that respondents expect the US Federal Reserve to make little progress this year in reining in rising prices, saying they expect inflation and interest rates interest rates remain stubbornly high. The survey of 45 economists, which was conducted by the National Association for Business Economics (NABE) estimates that inflation will average 4.2% this year, a jump from the 3.9% forecast by the group in February. The survey says economists expect the Federal Reserve to keep its benchmark interest rate around 5.1% this year, its highest level in 16 years. be modest,” she noted. “Most respondents indicate that the banking crisis is contained but ongoing, with only around a fifth believing it will get worse,” insisted the NABE survey chair. Outlook Dana M. Peterson. But the US economy is not exactly out of the woods. On average, experts predict that the US economy will grow by a paltry 1.2% this year, with three out of five economists saying that the US population should expect to see a recession by the end of the year. The investigation comes as House Republican Speaker Kevin McCarthy (R-CA) and U.S. President Joe Biden continue negotiations to avert a potential default on June 1 by raising the country’s debt ceiling again. The United States is currently enforcing extraordinary measures implemented by the Treasury Department in January.

https://sputnikglobe.com/20230523/biden-mccarthy-debt-ceiling-talk-yet-to-produce-deal-as-june-1-deadline-draws-near-1110527955.html

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us, inflation, interest rates, recession, us federal reserve, survey,

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The grim survey predicts weak growth for the US economy, but an official from the group that conducted it insisted that for the “foreseeable future”, most respondents said they “believe de-dollarization is not a threat” to the US dollar.

A new survey of economists has found that respondents expect the US Federal Reserve to make little progress this year in reining in rising prices, saying they expect inflation and interest rates interest rates remain stubbornly high.

THE investigation of 45 economists, which was conducted by the National Association for Business Economics (NABE), estimates that inflation will average 4.2% this year, a jump from the 3.9% the group forecast in February .

The survey indicates that economists expect the Federal Reserve to keep its benchmark interest rate around 5.1% this year, its highest level in 16 years.

NABE President Julia Coronado explained in a statement that respondents were “divided on whether a U.S. recession is likely next year.”

“However, the median forecast predicts that economic growth through 2024 will be modest,” she noted.

“Overall, the panel expects higher interest rates in 2023 than projected in the February 2023 outlook survey,” Coronado added, noting, “interest rates are expected to decline and inflation is expected to slow in 2024, while employment growth is expected to moderate.” , and the unemployment rate will rise.

“Most respondents indicate that the banking crisis is contained but ongoing, with only about a fifth believing it will get worse,” insisted NABE Outlook survey chair Dana M. Peterson.

“A majority of panelists believe that breaching the debt ceiling will not lead to a global financial crisis unless a stalemate persists for several weeks,” she said, before insisting that “most respondents believe that de-dollarization is not a threat in the foreseeable future”.

But the US economy is not exactly out of the woods.

On average, experts predict that the US economy will grow by a paltry 1.2% this year, with three out of five economists saying that the US population should expect a recession by the end of the year.

Biden-McCarthy debt ceiling discussion yet to come to fruition as June 1 deadline nears

The probe comes as Republican House Speaker Kevin McCarthy (R-CA) and U.S. President Joe Biden continue negotiations to avert a potential default on June 1 by raising the country’s debt ceiling again. The United States is currently enforcing extraordinary measures implemented by the Treasury Department in January.



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