Fed signals growing confidence the U.S. can avoid recession

Federal Reserve officials on Wednesday gave the clearest signal yet that they expect to be able to beat inflation without causing a recession.for just the second time this year as it assesses the extent to which the highest borrowing costs in more than two decades are already helping tame inflation.

These forecasts will come as cheery news for President Joe Biden, who would bear the brunt of the political fallout if a recession arrives before the 2024 election. For now, Fed officials’ inflation outlook is largely unchanged. They still expect their preferred inflation measure, the personal consumption expenditure index, to drop to 2.5 percent next year and to just a notch above their 2 percent target in 2025.

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