Biden pointed to low unemployment and continued investment in the US economy ahead of a key two-day Federal Reserve (Fed) meeting that concludes on July 27.
"The unemployment rate is still one of the lowest we've had in history. It is in the 3.6 area. We still find ourselves with people investing. My hope is we go from this rapid growth to a steady growth, and we'll see some coming down, but I don't think we're going to, God willing, that we'll see a recession," Biden was quoted as saying by global newswires.
The Fed is likely to raise interest rates by another three-quarters of a percentage point to slow demand. It is ‘essential’ to lower inflation, said Fed Chair Jerome Powell, adding that the goal is to achieve that without derailing the US economy.
ALCHEMPro News Desk (DS)
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