Fed economists predict mild US recession this year, 2-year recovery

The Federal Reserve's own economists are predicting a mild recession this year – and a recovery to take two years, according to the"For some time, the forecast for the US economy prepared by the staff had featured subdued real GDP growth for this year and some softening in the labor market," FOMC minutes from the Fed's March policy meeting said.

The economic downturn could result in higher unemployment, the minutes said. The Fed's staff economists added that they expect the US economy would fully recover by 2025. "Historical recessions related to financial market problems tend to be more severe and persistent than average recessions," the minutes said.

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